New advice for raising a deposit

24-Nov-2005

Unused or unnecessary household possessions could be more valuable than many aspiring homeowners realise.

Click here for further information on finding a deposit

A new survey carried out by the Co-operative Bank revealed that the majority of potential movers have a number of duplicate items such as DVDs, computers or CDs that could be sold to make some extra money.

The report indicated that the total value of unnecessary possessions is around £377 million and that the average couple could add an extra £1,000 to their new home funds just by selling the items.

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"As the average age of first time buyers has risen to 34 it's no surprise that purchasers have amassed, quite literally, a wealth of household items, which can often double when buying a first home together," explained David Newman, director of marketing management at the Co-operative Bank.

"Savvy first time buyers can free up much-needed cash by selling these possessions to help fund their property purchase."

Mr Newman urged aspiring homeowners to get rid of the junk and to use the money to put towards a deposit or for the cost of extras such as legal fees and removals hire.

For our first time buyers guide to buying a property click here

Click here to find out about the finances of borrowing with friends, i.e. to find out how much you can borrow together and what it will cost you

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