10
Jun
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.
