FTBs 'struggling to furnish homes'

02-Nov-2007

First time buyers (FTBs) who do manage to stretch their finances to be able to afford a new property are increasingly finding that they have little left to spend on furniture and interior decoration, new research shows.

A study from More Than has found that 60 per cent of new buyers see this as a problem, showing that simple living costs remain an issue for some.

Many now either seek parental help or a high loan-to-value first time buyer mortgage which includes extra finance to be put towards home improvements, but another problem highlighted by the survey is the lack of "character" found in many new homes.

Over half of respondents (51 per cent) agreed that this was an issue, with a similar amount (48 per cent) pinning the blame for samey interior decoration on property TV shows.

"Due to a housing shortage we are witnessing a new generation of development, where houses and apartments are increasingly standardised both inside and out," acknowledged Mike Holliday-Williams, managing director of More Than.

"Finding a unique property is more costly and difficult and secondly it often means that the new owners will have to spend more time and money personalising their homes to their own tastes," Mr Holliday-Williams added.

But home improvements remain highly popular among Britons, according to recent research from Halifax, with 58 per cent of the population having undertaken some such renovation or decorations in the past 12 months.

Northern buyers struggling with affordability
http://www.firstrungnow.com/first-time-buyer-news/northern-buyers-struggling-3554.aspx

First time buyers 'paying 30% of annual income' on homes
http://www.firstrungnow.com/first-time-buyer-news/first-time-buyers-paying-3552.aspx

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