First-time homeowners could face nearly £30,000 in costs within the first three months of receiving their keys, as they spend thousands on furniture, decorating, and essential appliances. A survey of 1,000 adults who purchased their first home in the past five years found that those furnishing their space spent an average of £3,487 on items such as sofas, coffee tables and beds.
Kitchen appliances like air fryers, coffee machines, and toasters added another £2,662, while redecorating to suit their style cost an average of £2,118. Some spent just under £3,000 on home décor, filling their new property with items like plants, wall art, and rugs.
Those who hired a removal company paid around £1,747, and once the deal was finalised, many faced repair costs, including electrical work (£1,914) and roof repairs (£1,759). While three quarters of first-time buyers anticipated some significant costs during the transition, a quarter had to dip into savings they hadn’t planned to use.
One in five had to resort to credit, while others took on extra overtime, and 15 per cent borrowed from friends or family. Two thirds said that the financial impact dampened the excitement of getting on the property ladder, and it took an average of eight months to recover financially.
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The research was commissioned by Skipton Building Society to launch its ‘ Delayed Start Mortgage’ scheme, a new product aimed at giving first-time buyers a break from repayments for the first three months.
Jen Lloyd, Skipton Building Society’s head of mortgage products, offered insight into the financial challenges new homeowners face: “These additional expenses can often come as a surprise and can be difficult to budget for on top of everything else – from solicitor fees to new utility bills and much more.
“The process of moving is already overwhelming, and the financial hit in those first few months can make what should be an exciting new chapter feel incredibly stressful. It’s clear that many buyers need more support and flexibility during this transition period.”
Nearly two-thirds said they had maxed out their budgets, and over a third were juggling costs for two properties, as rental agreements over lapped with moving in as four out of ten struggled to align their move with the finish of their rental contracts.
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Reflecting on their experiences, 71 per cent reckon they should have been better equipped with knowledge about the real costs involved in buying a property – and a notable 74 per cent are advocating for more support for first-time purchasers.
Jen Lloyd commented: “Big life moments like buying your first home should be a time of freedom and excitement – but for many, the financial strain makes it hard to enjoy this new chapter. With so many upfront costs, from essential repairs to furniture and fees, new homeowners can feel weighed down just as they’re finally getting their own place.
“While it’s encouraging many are preparing as best they can, the reality is these expenses still come as a shock. Buyers often find themselves scrambling to cover everything, whether that’s dipping into savings, using credit, or leaning on loved ones.
“We believe in fairness, that’s exactly why we’ve launched our new Delayed Start Mortgage – to give first-time buyers a fair start in their new home, and the breathing space they need in those critical first few months.”