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One in five 'regretting expense of new home'

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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