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Co-op: Buyers could save on mortgage deposit

24 November 2005
First-time buyers who sell off their duplicate household possessions could add a substantial amount to their mortgage deposit, says the Co-operative Bank.

The Co-op found first-time buyers in the UK have excess household possessions worth £377 million and could save £1,000 towards their mortgage deposit if they sold them off.

Director of marketing management at the Co-operative Bank, David Newman, said: "As the average age of first time buyers has risen to 34 it’s no surprise that purchasers have amassed, quite literally, a wealth of household items, which can often double when buying a first home together.

"Savvy first time buyers can free up much-needed cash by selling these possessions to help fund their property purchase."

However, the bank found that almost half of couples do not sell their extra belongings because they believe their spare goods are worth too little.

One third said they packed away extra items in their loft, while two in five lost out on potential cash by giving away items instead of selling them.

House-buying prospects were less than encouraging for first-time buyers last month as their share of the market fell to nine per cent after increasing 11 per cent in September.

Property experts have said sellers need to keep house prices realistic to allow first-time buyers to get a foot on the property ladder.

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