The cost of setting up a first home has increased by just 0.6% over the past year, according to Coventry Building Society, well below the current 3.8% consumer prices index (CPI) rate of inflation.
The building society’s research looked at 40 typical household items and services that buyers need to set up their new home. The list includes everything from conveyancing costs and kitchen appliances to beds, curtains, and even paint, but excludes the property deposit.
The total amount required to furnish and equip a new home is currently £12,035, the report found, only £67 more than in July 2024. This is welcome news for buyers, many of whom face affordability challenges when getting onto the property ladder. The average price of a property is £268,252 according to the UK House Price Index, with home movers facing average stamp duty costs of £4,519 on top.
Jonathan Stinton, Head of Mortgage Relations at Coventry Building Society, said “There’s no escaping how expensive it is to get on the housing ladder – but these figures offer a rare moment of relief for first time buyers. While general inflation is still running hot, the cost of turning a house into a home has barely moved.”
However, while most property set up costs have remained relatively flat or have risen only marginally, there have been some significant changes to a few of them. For example, the cost of wallpaper has risen sharply since last year, rising from £18 to £26 per roll, an increase of 48.4% year-on-year.
Roller blinds have become more expensive too, although curtains have fallen in price. White goods, such as fridges and washing machines have also become cheaper, with the average cost of a fridge freezer down by £46 or 8.6% since this time last year.
“It’s important for buyers to have an idea of how much they may need to be spend after they’ve got their keys,” said Mr Stinton. “Knowing the real costs can help new buyers better plan for the future and understand the full financial picture of homeownership.”
