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One in five 'regretting expense of new home'

BY VICKY SHAW

One in five people who recently got on to the property ladder now regrets not buying somewhere cheaper, according to research by a Government-backed body.

The Money Advice Service (MAS) found "concerning" evidence that many recent first-time buyers were feeling over-stretched after under-estimating all the costs being a home owner brings.

It found three-quarters (74%) of people who bought their first home in the last two years said they had to stretch themselves financially to afford it.

Some 19% of the recent first-time buyers surveyed said that with hindsight, they wish they had bought somewhere cheaper.

Nearly two-fifths (38%) of those surveyed lie awake at night worrying about their finances.

The service has launched a new campaign to help those struggling on the first rung of the property ladder to get a grip on budgets.

The MAS offers free advice on its website – www.moneyadvice service.org.uk – which has tools to help people work out moving costs, plan their budget for living expenses, cut spending and put money into savings.

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