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Alliance & Leicester shows first-time buyers know what they want

09 February 2005
A study by Alliance & Leicester shows that first-time buyers know what they want from their homes, and aren't prepared to scrimp on home comforts - even if it means missing nights out to afford it.

Despite high property prices and the costs associated with buying a home, the report, carried out by Alliance & Leicester Mortgages and entitled Attitudes of First Time Buyers in the 21st century, shows that first-time buyers still want to furnish their homes almost immediately.

Nearly a quarter purchase their 'essential items' within a month of moving in, compared to just eight per cent 30 years ago; and 42 per cent would rather give up a night in the pub than scrimp on home comforts.

Those 'essential items' include a stereo, TV, fridge, carpets and washing machine, which, according to the report, can clock up a whopping £4617 between them.

Add that to the stamp duty, legal fees and removal men's wages and you have a total cost of moving into your first home of about £14,460, the report finds.

"Our research shows that first-time buyers today are clearly looking for a quick fix solution to achieving their dream home," Stephen Leonard, director of mortgages and savings at Alliance & Leicester, told the Guardian.

"With costs averaging just under £15,000, it is vital for first-time buyers to shop around and fully research all the costs involved with moving, including a budget for furniture and electrical goods."

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