First-time buyers could face nearly £30,000 in costs within the first three months of collecting their keys, as they splash out on furniture, decorating, and essential appliances.
A study of 1,000 adults who purchased their first home in the past five years revealed the financial burden of furnishing and personalising their new space. On average, buyers spent £3,487 on sofas, coffee tables, and beds, while kitchen essentials like air fryers, coffee machines, and toasters added another £2,662 to the tab. Redecorating to suit their personal taste came in at £2,118 on average.
The survey revealed these unexpected costs placed significant financial burden on new home-owners. Nearly half said they struggled to afford their first mortgage payment due to these mounting upfront costs, with almost two-thirds admitting their finances were stretched to the limit.
Other additional costs included home décor such as plants, wall art, and rugs, which accounted for nearly £3,000, while those using removal companies shelled out £1,747. Once settled, many homeowners found themselves grappling with repair costs, such as electrical work (£1,914) or roof repairs (£1,759).
The research, conducted by Skipton Building Society, coincided with the launch of its new Delayed Start Mortgage. This product allows first-time buyers to delay repayments for the first three months, providing much-needed breathing space to manage immediate expenses.
Tayo Oguntonade, TV presenter and property expert, explained: “There are so many hidden costs that come with buying your first home, from legal fees to moving expenses – they can really add up.
“My top tip is to take the time to understand all the costs involved in the process. That way, you can turn unexpected expenses into expected ones. When you’re fully informed, nothing can catch you off guard.”
Many homeowners also faced challenges juggling costs for two properties, with 35% navigating the overlap between rental agreements and moving dates. Four in 10 reported difficulty coordinating their move with the end of their lease, with 26% citing delays in the buying process as a contributing factor.
Jen Lloyd, head of mortgage products at Skipton Building Society, said: “A lot are moving from furnished rentals or their parents’ homes, meaning they’re starting entirely from scratch when it comes to furniture, appliances and home essentials. These additional expenses can often come as a surprise and can be difficult to budget for on top of everything else.”
She added: “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.”
The study found three-quarters of new buyers expected some major costs, but over a quarter had to dip into savings they hadn’t earmarked for this purpose. Others turned to credit, worked extra hours or took on overtime, or borrowed money from friends and family.
For two-thirds of buyers, the financial burden dampened the joy of stepping onto the property ladder, with the average new homeowner taking eight months to recover financially. Notably, 71% admitted they wished they had been better informed about the true cost of buying a home, and 74% called for greater support for first-time buyers during their early days of homeownership.
Jen Lloyd added: “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.”