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...
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