British buyers are realistic about how much moving into a new property is going to cost them, a new study from GE Money Home Lending has revealed.

The firm found that while the average buyer spent £11,000 on costs related to their purchase, such as surveys, moving fees and household bills, in the first year, they put aside 30 per cent more than that in their budget for the year.

Gerry Bell, head of mortgage marketing at GE Money Home Lending, said: "It appears that most prospective potential buyers are prepared for the costs associated with buying a home, as well as those associated with setting up the property and the ongoing running costs."

He added that it was a "reassuring" sign that borrowers had taken such an outlook in the light of economic instability.

Last week, the Royal Institution of Chartered Surveyors (Rics) claimed that buyers had adopted a more cautious approach to looking for a home as they waited to judge the impact of rising interest rates and recent turmoil on world financial markets before purchasing a property.