Half of all first-time buyers cannot afford to furnish their homes, as average costs exceed £15,000, according to Aldermore.
Aldermore’s First Time Buyer Index, which surveyed 500 recent buyers, found that more than a fifth (21%) of first-time buyers live in an empty home for months due to affordability issues.
Additionally, 22% admitted it took years to furnish their home as costs were too high.
On average, first-time buyers spent £15,509 on decorating and furnishing, with 23% exceeding £30,000.
The additional costs of homebuying, which average £6,350 including broker fees and solicitor costs, often surprise buyers, shrinking their decorating budgets.
To save money, 34% of first time buyers were renovating their homes themselves.
More than a quarter (27%) turn to vintage and second-hand options from charity shops and online sellers to furnish their properties.
Jon Cooper, director of mortgages at Aldermore, said: “The homebuying process is a costly one.
“Not only do prospective buyers have to save for their deposit, but additional costs such as solicitor fees and moving arrangements all add up.
“To make the most of their new home, first time buyers will often find themselves looking for ways to save on renovating, decorating and furnishing, and this includes getting their hands dirty.
“While it may seem overwhelming, furnishing your new home marks the last step in the home ownership journey and for many, can be a fun project.
“There’s no rush to decorate your place immediately. In fact, taking your time and tackling things room by room, for instance, can make things more manageable within your budget.”
