First time buyers splash the cash
Recession-hit homebuyers are spending twice as much on filling their homes than their parents in the 1970s, research has shown.
First time buyers moving into their first property spend around £3,782 each on new furnishings when they first move in, more than double the £1,684 that the average homebuyer spent in the 1970s, according to research from Santander.
However, one in six first time buyers are managing to keep a tight grip on the purse strings, spending less than £1,000 when kitting out their new home.
Soft furnishings were the top priority for first time buyers, with 43% spending their first £1,000 on sofas and armchairs closely followed by beds (41%) and kitchen appliances (34%).
Some 500,000 first time buyers put fun before frugality however and spent their first £1,000 on a house warming party.
Phil Cliff, director of mortgages at Santander, said despite the generation gap in spending, large deposits were leaving many first time buyers strapped for cash when buying the basics.
"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 furnishings," he said.
Most first time buyers managed to deck out their new homes within their first year but one in ten said they were still buying the essentials three years later.
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