NEW research reveals that a third (31%) of homeowners surveyed have rushed into buying a property to take advantage of the stamp duty holiday (which ends today, June 30), rising to 56% of owners aged 25 to 34 and to 49% aged 16 to 24.

The research from Tymit — the UK’s first instalment-only credit card — showed that despite these savings, homeowners are facing an unexpected welcome home gift: debt.

Two-thirds of home owners surveyed have forgotten to budget for purchases such as furniture and decorators — with the average overspending by £14,861 — despite having more time to plan their big move.

The average budget for kitting out a new home was £22,387, but when analysing respondents’ actual spending, the research reveals that Brits surpass their original target by 67% — at £37,248 total — which sends them — the red. Londoners are crowned the worst planners as they overshoot their budget by £27,000, and one in five go over by £50,000. Those residing in the capital are followed by movers in the West Midlands (£18,000) and the South East (£17,800).

As a result of this bad planning, Brits spend almost three years paying off these additional expenses across a mix of loans and credit cards. A staggering 60% of homeowners surveyed say they would do things differently if they had the chance, with a fifth saying they would budget better and the same amount doing more thorough research into furnishing and decorating costs. Of those surveyed, 11 months is the optimum amount of time to prepare.

The top five purchases likely to blow home-buyers’ budgets are:

- Building service charges, 59%

- Plumbing bills, 57%

- Kitting out the bathroom, 51%

- Kitting out the garden, 51%

- Decorators, 51%

The top five lifestyle purchases associated with home moving, likely to blow home owners budgets are:

- Increased energy bills, 62%

- Second car, 53%

- Countryside attire, 44%

- Buying a pet, 42%

- New toys, 42 %

Martin Magnone, CEO and co-founder of Tymit said: “Home is where the heart is, but rushing to make one saving on your home move can cost you more in the long run.

“Brits should be planning their expenses longer term as it is not just essential for budgeting the big move, but for the whole new lifestyle it brings too. For when the unexpected does arrive, there are ways to fund them without saddling yourself in revolving debt.”