UK house prices: Buying a house with your heart instead of your head costs more than £16,000 - but London isn't the worst

 
Catherine Neilan
Follow Catherine
Report Warns Average Deposit For First Time Buyers In London To Rise To Over 100,000 GBP By 2020
It pays to stay cold-hearted when buying a home (Source: Getty)

Waiting until you fall in love with a house before agreeing to buy it? New research claims that could really be hurting your wallet.

Zoopla estimates that over a third of purchasers (34 per cent) spent more than their allocated budgets because they were ruled by their heart instead of their head - and the average cost of doing so is £16,193.

It doesn't necessarily follow that just because you loved the home you spent more - in fact 44 per cent of homeowners said it was love at first sight. But those in the East of England are particularly likely to pay for more being seduced, while the Welsh are the most pragmatic, with a much lower overspend than the national average.

The three biggest things that can cause a purchaser to fall in love with a home are friendly neighbours, a fireplace, and being nicely decorated. Original floorboards proved more sought after than parquet flooring and a freestanding bath was more popular than a wet room.

However being swayed by emotions can also lead to arguments - one in 12 couples row over the offer because one person liked it more than the other.

1. East of England: £18,908

2. North West £18,436

3. London £17,386

4. Yorkshire and the Humber £16,645

5. West Midlands £16,538

6. South East £15,908

7. South West £15,585

8. East Midlands £15,292

9. Scotland £14,152

10. North East £13,895

11. Wales £9,591

Lawrence Hall of Zoopla said: “Buying a property is a significant financial commitment, and all house hunters want to find a home that they love, so it’s understandably a process often fraught with emotion. In a competitive property market where stock is low, demand is high, prices are rising and interest rates are at an historical low, it’s hardly surprising to see original budget levels creeping up.

"However, buyers need to be careful to not let their hearts takeover completely. The key to the process is to do as much research as possible before making an offer and striking a balance between the heart strings and the purse strings.”

Related articles