First-time buyers need £15,000 in moving costs, says A&L

clock

The cost of moving into a first home is now approaching £15,000, suggests Alliance & Leicester, as one-fifth of FTBs spend a third kitting out their homes within the first month.

A study – entitled Attitudes of First Time Buyers in the 21st Centuary - of the first-time buyers’ markets by the bank reveals 25% of new homeowners spend an average £4,617 fully furnishing their first home within a month of moving. Along with other costs such as stamp duty, legal fees and general moving expenses, A&L suggests purchase of ‘essential items’ has led to people choosing to stay in and cut back on their socialising costs rather than scrimp on the goods they want in their homes, rather than extend their borrowing requirements. Comparison of new buyers today and 30 years ago...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Mortgages

Client conundrum: Mortgage overpayments versus investments

Client conundrum: Mortgage overpayments versus investments

1.4 million people will see mortgage deals end this year

Laura Suter
clock 22 February 2023 • 3 min read

Summer economic update: Sunak confirms stamp duty holiday in 'mini-Budget'

Mini Budget

Hannah Godfrey
clock 08 July 2020 • 2 min read

FCA sounds alarm on equity release advice

'Tick-box exercise'

Hannah Godfrey
clock 17 June 2020 • 1 min read