First-time property buyers 'spending more on furnishing'

Posted: 10 Jun 2010 12:26:19 GMT

People buying their own house for the first time could find themselves spending more than they had expected in kitting out their property.

Research from Santander Mortgages shows the typical first-time buyer spends £3,782 on the interior of the house, which is the equivalent to three per cent of the average property price.

Phil Cliff, director of mortgages at the company, said: "Many first-time buyers are so focused on saving for the deposit and fees that they don't have as much as they'd like left in the bank for furniture and furnishing."

The majority were found to spend their first £1,000 on goods such as sofas, beds and kitchen appliances, but around half a million splash their initial bit of cash on a house warming party.

However, one in six of those purchasing property for the first time are able to stick to a tight budget and spend under £1,000 in getting the essentials for their new home.

The government could help young people get onto the property ladder, after housing minister Grant Shapps outlined plans to build more houses over the coming years.


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