THE PRICE OF BUYING A HOME

QCK, Thursday, 18 May 2006]: The home buying process can end up costing over £44,000, new research has revealed.

Findings by National Homebuyers suggest that the combined cost of estate agent and solicitor fees, as well as "opportunity cost" of what else an individual could have achieved during the process, could add up to £44,575.39.

Often the home buying chain falls through when one part of it pulls out which can increase costs, the research indicates.

David Harber, National Homebuyers communications director, said: "This research details the true cost of the inefficiency of selling your property in the open market.

"One issue is that when deciding how to sell their house, few people account for the opportunity cost – the monetary value of their own time in that process. National Homebuyers encounter people every day . . . that have not factored the hidden costs as well as the fallibility of the chain."

Figures were calculated by using the average UK salary and the average cost of a UK home.

National Homebuyers indicates that even if the chain does not break during the home buying process, the cost of selling a home can amount to £21,243.05.

The average residential house value in England and Wales in the first three months of 2006 was £192,745, according to figures released by the Land Registry last week.