Analysis from Coventry Building Society of the latest Office for National Statistics (ONS) figures has shown how the cost of setting up a home has compared with inflation.
The Homebuyers Inflation Basket research looked at the prices of key items and services linked to buying and furnishing a home, showing buyers how much they have needed to budget on top of house prices.
Some items increased in price but stayed below the 3.4% Consumer Prices Index (CPI) inflation rate, including armchairs, which were up 1.01% from £728 to £735, electric cookers up 0.37% from £504 to £506, and dinner plates up 2.82% from £28 to £29 for a set of four.
Several costs rose above inflation, including wallpaper, which was up 56.56% from £17 to £26 per roll, house conveyancing up 5.96% from £1,247 to £1,321, and home removal vans up 4.99% from £606 to £636.
Some items dropped in price, such as fridge freezers, down 12.05% from £544 to £478, chest of drawers down 7.34% from £461 to £427, curtains down 4.99% from £77 to £73 per pair, and cutlery sets down 20.89% from £35 to £27.
Jonathan Stinton (pictured), head of intermediary relationships at Coventry Building Society, said: “House prices often dominate the conversation when it comes to homebuying – but the costs don’t stop when you get your keys.
“Setting up a home comes with all sorts of additional expenses, from furniture and appliances to conveyancing and removals.
“With house prices still creeping up, it’s reassuring to see that the essential costs of setting up a home have fallen well below CPI.”
Stinton added: “For buyers already stretching their budgets, it’s one less thing to worry about.
“While some costs, like conveyancing, have gone up, it’s good to see that overall home buyers are beating inflation.”
