The cost of establishing a new home has risen at a significantly slower pace than general inflation, according to new analysis from Coventry Building Society.

Using the latest data from the Office for National Statistics, the mutual has created a “Homebuyers Inflation Basket” – a collection of goods and services typically needed by those moving into a new home.

The research shows that overall, the cost of setting up a home has declined by 0.92%, at a time when the Consumer Prices Index (CPI) stands at 3.4%.

BASKET CASE

The basket includes items such as furniture, white goods, cutlery, and services like conveyancing and removals. While some categories have increased substantially, the broader picture suggests that inflation is not biting quite so hard when it comes to domestic essentials.

Among the products that have risen in price but remain well below the general rate of inflation are electric cookers, up 0.37%, and armchairs, up 1.01%. Dinner plates have risen by 2.82%, still comfortably under CPI.

In contrast, some costs have soared well beyond headline inflation. Wallpaper prices have jumped 56.56%, from £17 to £26 per roll, while conveyancing fees are up nearly 6%, now averaging £1,321. Removal van hire is also notably higher, up 4.99% to £636.

FORK FALL

However, these increases are more than offset by sharp falls in several key areas. Fridge freezers have dropped by more than 12%, falling from £544 to £478, while chest of drawers and curtains are down 7.34% and 4.99% respectively.

Cutlery sets have seen the largest decline, falling 20.89%, from £35 to £27.

Jonathan Stinton(pictured, left), head of intermediary relationships at Coventry Building Society, said: “House prices often dominate the conversation when it comes to homebuying – but the costs don’t stop when you get your keys.

“Setting up a home comes with all sorts of additional expenses, from furniture and appliances to conveyancing and removals.

“With house prices still creeping up, it’s reassuring to see that the essential costs of setting up a home have fallen well below CPI. For buyers already stretching their budgets, it’s one less thing to worry about.

“While some costs, like conveyancing, have gone up, it’s good to see that overall home buyers are beating inflation.”