First-time homeowners spending an extra £30k after moving in
First-time homeowners spending an extra £30k after moving in
A study of 1,000 adults who purchased their first property in the last five years found that many had to spend thousands extra in the first three months
First-time homeowners might be hit with expenses close to £30,000 in the first three months after getting their keys, as they shell out for furniture, decoration, and essential appliances.
A survey of 1,000 adults who bought their first home within the past five years showed that, on average, new property owners spent £3,487 on items like sofas, coffee tables, and beds.
Kitchen gadgets such as air fryers, coffee machines, and toasters racked up another £2,662, while redecoration costs came in at an average of £2,118.
Some forked out nearly £3,000 on home décor, including plants, wall art, and rugs, and those hiring a removal firm faced bills of about £1,747. Post-purchase, many had to tackle repairs, with electrical work costing £1,914 and roof repairs at £1,759.
The research indicated that 43 per cent of new homeowners struggled to make their first mortgage payment due to these upfront costs.
The study was carried out by Skipton Building Society to mark the launch of its Delayed Start Mortgage – a new product designed to give first-time buyers a break from repayments for the initial three months, allowing them to settle into their new home.
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In the recent survey, a staggering 63 per cent of new homeowners said their budget was stretched to the limit, with over a third managing costs for two homes while juggling rental agreements and property purchases.
Skipton Building Society's head of mortgage products Jen Lloyd commented: "Many first-time buyers are shocked by just how much they need to spend after collecting their keys – with costs quickly mounting into the tens of thousands.
"These additional expenses can often come as a surprise and can be difficult to budget for on top of everything else – from solicitor fees to new utility bills and much more."
Lloyd also mentioned: "The process of moving is already overwhelming, and the financial hit in those first few months can make what should be an exciting new chapter feel incredibly stressful. It's clear that many buyers need more support and flexibility during this transition period."
Three quarters of the participants expected to have to spend extra money when they moved in but a quarter didn't anticipate tapping into their savings. Many first-time buyers had to resort to credit, working overtime or borrowing money from friends and family.
Brits end up spending thousands on new furniture
(Image: (Image: Getty) )
For two-thirds of respondents, these financial pressures dimmed the excitement of moving into a new home, with the average time to recover financially being eight months.
Looking back, seven in ten of those surveyed admitted they wished they had been better prepared for the true cost of buying a home, while an even greater number, called for more support to be offered to first-time buyers during the initial period of homeownership.
Jen Lloyd added: "Big life moments like buying your first home should be a time of freedom and excitement – but for many, the financial strain makes it hard to enjoy this new chapter. With so many upfront costs, from essential repairs to furniture and fees, new homeowners can feel weighed down just as they're finally getting their own place.
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"While it's encouraging many are preparing as best they can, the reality is these expenses still come as a shock. Buyers often find themselves scrambling to cover everything, whether that's dipping into savings, using credit, or leaning on loved ones.
"We believe in fairness, that's exactly why we've launched our new Delayed Start Mortgage – to give first-time buyers a fair start in their new home, and the breathing space they need in those critical first few months."
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