10 Jun

FTBs 'spend over £3k kitting out new homes'

FTBs 'spend over £3k kitting out new homes'

Consumers who have made their initial step into the property market spend an average of more than £3,000 kitting out their residences.

This is according to research conducted by Santander, which suggested that the typical expenditure for such activities is around £3,782 among first-time buyers (FTBs).

The firm pointed out that this is equivalent to three per cent of the average national house price.

More than one in four (43 per cent) of those polled spent their first £1,000 on sofas and armchairs, the bank noted, with beds and kitchen appliances the second and third most popular purchases.

Phil Cliff, director of mortgages at Santander, said: "Many FTBs 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 furnishings."

Figures released recently by Nationwide showed that the value of homes across the UK rose by 0.5 per cent in May compared with April.

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