According to recent research, first time buyers are having to manage without furniture and appliances during the first months of home ownership.
Furniture123.co.uk surveyed 1,007 first time buyers, finding that 68% had to sleep on a mattress as they didn’t have a bed. Clothes have been stored on a clothes rail rather than a wardrobe by 61%, and 65% placed their TV set on a box as they didn’t have a cabinet. Over half the respondents had to manage with a cool box to store food items, as they didn’t have a fridge.
However, just over one fifth of respondents have lasted more than two weeks without having Wi-Fi, and less than 10% have gone without a TV, which implies that connectivity is being placed before essential items.
The research revealed that 62% said that not having the basics was due to insufficient funds and the increased costs of getting onto the property ladder. Just over a quarter of respondents said that poor planning was the reason, and that they had to wait for items to be delivered. The average amount of time taken for a first time buyer to furnish their home was 46 weeks.
First time buyers may be able to ease their financial situation by seeking advice from a mortgage adviser. They have studied on a CeMAP course and have the relevant knowledge to help find a suitable mortgage product, which could reduce monthly repayments, leaving more disposable income during those early days of being a homeowner.
