Alliance & Leicester mortgages finds first timers splashing cash
www.moneynews.co.uk > Mortgages > Alliance & Leicester mortgages finds first timers splashing cash
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Money News |
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Alliance & Leicester mortgages finds first timers splashing cash
Fri 4th Feb 2005
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One in four new homeowners splash out to fully furnish their first home within a month of getting into the property.
On average they spend around £4,600 on "home essentials".
This represents a shift from the past, with three times as many people trying to furnish their house in their first month than 30 years ago.
In fact, 42 per cent of modern first-time buyers would prefer to furnish their new home straight away, and make up the money spent by cutting back their on their social life.
"Our research shows that first time buyers today are clearly looking for a quick fix solution to achieving their 'dream home'. It is encouraging to see that many first time buyers would rather cut back on going to the pub in order to pay for their furniture than extend their borrowing," said Stephen Leonard, director of mortgages and savings at Alliance & Leicester.
Modern buyers are economising in other ways as well.
Eight out of ten first-time buyers now get their friends and family to help them move in, rather than pay out on removal vans, while 30 years ago less than six in ten new homeowners took this option.
"The generational divide of first time buyers today compared to 30 years ago highlights the additional costs facing today's movers.
"With costs averaging just under £15,000, it is vital for first-time buyers to shop around and fully research all the costs involved with moving, including a budget for furniture and electrical goods."
Along with the cost of fixtures and furnishings, first-time buyers are having to shell out on stamp duty, survey costs, solicitor fees, along with their deposit and their Land Registry fee.
Related News : Mortgages |
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Related News : Alliance & Leicester |
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