According to new research from Yorkshire Bank Mortgages, 33% of new home owners are unprepared for outgoing expenses in their first year of moving into a new property.

Almost one in two (44%) forget to factor in legal fees, stamp duty and the cost of having the property surveyed. Fewer than one in ten (8%) put money aside for moving costs. Within the first year, one in three homeowners (32%) have had to replace or repair a broken cooker and one in eight (14%) have faced even larger bills. In addition, one in ten women became pregnant soon after moving into their new home, according to Yorkshire Bank’s study, leading to further unforeseen expenses!

“It is too easy to quickly move onto thoughts of redecorating and building a new conservatory as soon as the offer is accepted, failing to factor in all the costs of a new home”, said Gary Lumby, head of retail at Yorkshire Bank. “Overlooking costs such as surveys and stamp duty is asking for trouble when, as our survey suggests, there are likely to be less predictable expenses as well.”