According to new research, first-time buyers looking to move into their home this month will end up paying more for essential home furnishings and appliances than at any other time of the year.
The research from shopping price comparison site, idealo.co.uk, looked at 12-month pricing data across 37 home-related product categories to pinpoint the cheapest and most costly months of the year to kit-out the new pad.
Those homebuyers that shop smart by purchasing at the cheapest times of the year when online retail prices are at their lowest, could save up to £5,531 on kitchen appliances and home electronics, as well as other staple homeware and garden products.
November emerged as the most expensive month to make the move with shoppers paying £2,172 more on average in those four months where it ranked as the most costly category versus other times of the year. December proved to be the season of goodwill by only costing £70 more in the two lower price categories where it was deemed most pricey.
The following index ranks (cheapest to most expensive) those months where consumers pay more on average across all product categories and online retailers studied:
Conversely, first-time buyers who traditionally need to watch the pennies, can snap up the most bargains in June by making £2,412 in savings across nine product categories compared to pricier times of the year. It was closely followed by July where savings of £888 can be made across five categories – proving the summer months to be the price-savvy moment to move house.
Despite November being the most expensive month of the year - especially to buy big-ticket items - the month also experienced the highest shopper demand across 17 of the 37 categories studied, largely due to Black Friday. This was followed by January where four categories are most shopped for online.
It’s far from being doom and gloom for first-time buyers as bargains are to be had throughout the year. The following table includes all of the home products examined in the ‘First-Time Buyer Shopping Price Index’, the month of the year when they are at their most expensive and cheapest, the price difference and the maximum saving to be had by purchasing at the optimal time:
Katy Phillips, commented on the findings: “Buying and furnishing a first home can put immense financial pressure on first-time buyers, with everything from the cost of the property itself to large appliances and white goods quickly escalating.
It was surprising to see November emerge as the most expensive month as many shoppers associate this time of year with Black Friday and are expecting bargains rather than retailers bumping up the prices.
Whether it’s solicitor or builder delays, unfortunately, few home buyers have the luxury to pick and choose when they move in. That is why we hope our research, coupled with our handy price history tool, provides help to those who are able to postpone their purchases to a cheaper month and make large savings.”