Confusion, lack of budgeting and that peculiarly English trait of not bargaining are leading to home buyers blowing their budgets

Kirstie Allsop and Phil Spencer have launched their own App

According to a new study, house hunters over spent by £3.7billion last year – those of us living in East Anglia however appear to have our heads more screwed on than the rest when it comes to blagging our dream home though.

Although 46 per cent of homebuyers in the East misjudged their budget by almost £17,000, they didn’t approach the housing market too naively. Unlike the one in five buyers who get carried away with house shopping and throw caution (money) to the wind (estate agents).

One of the main reasons budgets get blown is that it is easy to forget to factor in the work the house will need once you’ve moved in, as well as stamp fees and other legal processes. With 40 per cent of people admitting to payING the asking price as well, it’s not surprising pockets are emptier than they could be.

On the back of this research, TV property personalities, Kirstie Allsop and Phil Spencer have released an iPhone App to guide home buyers through the ups and downs of nabbing a house.

Kirstie said: “Going over your intended budget isn’t always a bad thing if it means getting your dream home for a price you can still afford. However with house prices as low as they are at present it should be a buyers market, and so it’s worrying to hear how many people are spending too much either because they’re not striking a deal or because they’re not on top of their finances.

“Factors like estate agent fees and stamp duty will leave a serious hole in a budget if they’re not prepared for and it’s staggering to find out how many people are being caught out.”

It’s time to up your game: get savvy about property and you could save yourself a fortune.

To find out more about their App, visit www.kirstieandphil.com/house-hunter-app/.