FTBs’ spending habits analysed

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Santander Mortgages has found that first time buyers spend around £3,782 each on kitting out their new home.

This is the the equivalent to 3% of the average national house price, although around one in six cash conscious first time buyers do it for less than £1,000.

43% of first time buyers spent their first £1,000 on sofas and armchairs, followed by beds (41%) and kitchen appliances (34%). Around half a million first time buyers opted to spend part of their first £1,000 towards a house warming party.

59% of first time buyers said they managed to get homes fully furnished within 12 months but one in ten were still buying the basics three years down the line.

Despite many of today’s first time buyers feeling the pinch, Santander’s research shows that they spend nearly twice as much on filling their home as those in the 1970s, when the average amount spent was a modest £1,684.

Santander’s study also reveals that first time buyers in London are the most likely to splash the cash on contents, spending on average £5,495. This is nearly double the amount spent by those in the East Midlands, where the average expenditure is a modest £2,892.

Phil Cliff, director of mortgages at Santander, said: “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. That’s why we’re offering fee-free mortgages and £100 cashback on our home insurance to all current account customers

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