UK homeowners are finding themselves up to £5,000 out of pocket when moving home, according to new research published this week on behalf of Virgin One.

The survey asked people how much they had spent on unforeseen purchases and home improvements in the first few months of owning their new home. Nearly a third believed they had spent between £500 and £2,000 more than they had originally expected. One in seven of the respondents admitted to going over their budget by as much as a staggering £20,000.

Eight out of ten of us are likely to face surprise costs for redecorating a newly-bought property - having to replace carpets and curtains being the most common cause for complaint. Nearly half of all UK homeowners have been stung by costs for unexpected minor problems with their new property; faulty electrics, a leaking roof, broken cooker and a host of other small internal or external repairs are the unwelcome gifts many of us encounter in our new homes.

James Duffell, head of PR at Virgin One said: "Any home-owner will agree that it's par for the course to have to fork out on extra costs on a new property. Setting a budget and sticking to it is a sensible plan, but it's usually an unrealistic one. It's understandable for house hunters in the excitement of finding somewhere they really like, to underestimate costly repairs, or tell themselves they can live with the orange wallpaper, but only two months later realise they can't. All these costs add up, causing panic and worry about arranging another loan. Virgin One customers on the other hand have peace of mind, the account's unrivalled flexibility means running over-budget can be hassle-free".

The survey also asked people what their priority would be in making their new property feel more like home. Unsurprisingly, redecorating the lounge is number one on most lists, with a third of the sample agreeing that this would be the first thing to change. Running a close second is a complete overhaul of the kitchen, as a fifth of those asked see this room as the heart of their home - perpetuating the old stereotype, it is the women who feel more strongly on this point than the men (26% of women as opposed to only 17% of men.)