Rightmove would, of course, always encourage house hunters to routinely study house prices, to make sure you get the best value deal on a property. However, it is important to remember that, on top of house prices, there are several other associated costs that you will also be required to pay - including a valuation fee, taxes and insurance costs.
Buying a property can be an extremely costly business and it involves making a serious long-term financial commitment. It is, therefore, very important that anyone considering purchasing a home thinks long and hard about exactly what they can afford.
Getting a clear picture of exactly how much money you will need to pay out in order to buy your own home means understanding the extra mortgage costs and fees involved.
Picture the scene: you've spent a great deal of time studying the Rightmove House Price Index and viewing properties - and now you've found a house you'd like to buy. So, what next?
Well, hopefully you've already secured a mortgage (if needed) and, if you have, you'll know that lenders will usually charge an Arrangement Fee. The exact amount will vary depending on the product.
A Higher Lending Fee (also known as a Mortgage Indemnity Fee) may also be payable if you borrow a large percentage of the value of the house.
Before granting you a mortgage, your lender will also require you to pay for a valuation of the property, since they have to be sure that the house in question will form sufficient security against their loan. This payment - which can vary from lender to lender and is dependent on the size of the property - is generally required when you submit your initial application.
In addition to the valuation, you can also carry out a building survey, which may well save you money in the long run by flagging up any problems with the property. Prices vary depending on how comprehensive you want the survey to be. If a survey determines that work needs done on the property, you may be able to negotiate a reduction on the house price.
Depending on the price of the property, you may be required to pay Stamp Duty Land Tax of between one and four per cent. This tax is payable to the government and graded into bands depending on the property price.
Most mortgage lenders will require you to take out a life insurance policy, so that if you die they can recoup the value of the loan. Furthermore, you will need buildings insurance and will probably be offered other optional insurance policies (such as accident, unemployment or critical sickness insurance) to consider.
Your bank, estate agent, mortgage lender or financial advisor can offer further information on house prices and the other fees associated with buying a property.