How much does the average Brit spend on their property within the first 5 years?

How much does the average Brit spend on their property within the first 5 years?

According to new research, after the deposit, searches and solicitor fees, property buyers continue to spend on their new home.

The research revealed that new homeowners spend an average of £10,743 on additional, essential costs such as buying furniture and upgrading their homes within the first five years of buying.

Surveying over 1,000 homeowners across the UK, online retailer Furniture Choice found out just how much buyers need to fork out once they have purchased their property.

Recent research revealed that owners typically pay around £26,542 - £29,042 upfront for their house, consisting of the deposit, solicitor, valuation and surveyor fees, as well as stamp duty and mortgage fees. When the extra £10,743 spend is added, bringing the total cost of buying a house up to £39,785 within the first five years.

On average, basic furniture sets buyers back around £2,140, with sofas (£669) costing the most individually followed by beds (£381), wardrobes (£314) and dining sets (£308). A further £720 is spent on white goods, while cooking appliances rack up an additional £284.

However, it’s not just new belongings homeowners are splashing out on. On average, it will cost £205 to replace light fixtures in a new home, and replacing flooring will see someone spend around £699.


Alessandra Gritt, a first time buyer in Leeds, spent over £700 replacing floors in her home in the first 12 months of living there. “We had to replace the carpets in three rooms, which we were unaware of before buying, as the previous owners had hidden wear and heavy staining with their furniture.”

Replacing, repairing and dressing windows will cost the average buyer £1,033, with a further £246 spent refurbishing or replacing doors and/or handles. As a room, the kitchen costs new homeowners the most, with the average buyer spending £841 renovating this room in the first five years of moving in. Bathrooms aren’t much cheaper, though; those surveyed admitted spending £523 refitting their bathroom soon after moving.

Other unexpected costs that often crop up include issues with the plumbing and electricity, waste removal and general repairs, with costs for maintenance and renovation adding on as much as £3,543 costs.

New homeowner, India Benjamin, has spent nearly £2,000 since buying her home two years ago fixing these types of issues. “The house was newly renovated when I bought it, but only on the surface. I had to replace the boiler within six months of buying the house; apparently, it was nearly ten years old, despite being in a brand new cupboard, and I’ve been advised my whole toilet cistern needs replacing. I’ve also had to replace and rewire several light fittings, and the kitchen extractor fan, as the wiring was done badly.”

Alessandra Gritt faced similar problems; “I’ve spent close to £1,000 updating the electrics and wiring to a safe level, something which wasn’t picked up in the original house survey.”

Tom Obbard at Furniture Choice said: “Buying a new property is stressful enough as it is, so it’s vital that potential buyers are aware that solely saving for a deposit isn’t enough anymore - especially when it comes to first time buyers.

Budgeting for furniture can begin before you even look for a house; starting a Pinterest board or even a spreadsheet to get an idea of cost, as well as style, can really help to give an indication of how much you will need to save. Stick to the basics at first; a bed, sofa, and dining sets are always good to start with. Smaller items can be bought gradually if you’re on a tight budget.

Some costs, such as repairing ‘hidden’ damage, can’t be foreseen, but having an emergency buffer in place will help to limit any financial strain these problems have.”

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Latest Comments

Tony Gimple
Tony Gimple 09 Dec 2017

Linking professionalism to limited company borrowing is a flawed concept. Despite S24 etc., limited companies are the most tax inefficient way of running a property business and leave borrowers seriously...

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Evelyn Attwood
Evelyn Attwood 01 Dec 2017

It's normal. If you plan to buy a house in one of the most beautiful spots in the country you should pay a high price.

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Evelyn Attwood
Evelyn Attwood 01 Dec 2017

I think that the situation will be the same at December.

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Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

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richardrawlings
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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