New homeowners 'should expect to spend £11,000 in first year'

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House buyers have been warned they should expect to spend around £11,000 during their first year in a new property.

Research carried out on behalf of GE Money Home Lending revealed that the money will be spent on essential payments including mortgage fees and energy bills, as well as general refurbishments in the house.

However, the research also found that many new homeowners have shown some awareness to this by over-budgeting for moves by approximately 30 per cent.

Discussing the company's findings, head of mortgage marketing at GE Money Home Lending, Gerry Bell, said: "It is reassuring to see that despite rising interest rates and general market turbulence, borrowers appear to have such a realistic outlook when it comes to how much their property is going to cost them."

GE Money Home Lending is one of the leading loan providers in the UK, dealing in mortgages and loans in the home improvement and holiday ownership markets.

The results of the research come only a week after figures released by the Department of Communities and Local Government revealed the average UK house price had reached £218,479.

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