First time buyers take 'final fling' before settling down

13-Sep-2006

According to the Alliance & Leicester's first time buyer financial report, around 20 per cent of first time buyers plan to 'splash out' within the two years before their move onto the property ladder.

On average, men spend around £5,700, while women spend approximately £4,100.

"Our research shows that first time buyers plan to indulge before getting onto the housing ladder," said Richard Taylor, head of mortgages at Alliance & Leicester.

"Understandable as this may be, splashing out on a treat to the tune of £5,000 needs to be considered and budgeted for carefully", he added.

Of those surveyed, around 70 per cent believe that this burst of extravagance will be the last for some time and around 11 per cent believe that the financial constraints of home ownership will mean they have to delay starting a family.

Alliance & Leicester offers a range of fixed and variable-rate mortgages for first time buyers.

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