First-time homeowners could face nearly £30,000 in expenses within the first three months of receiving their keys, as they spend thousands on furniture, decoration, and essential appliances. A survey of 1,000 adults who purchased their first property in the last five years revealed that those furnishing their homes spent an average of £3,487 on items such as sofas, coffee tables, and beds. Kitchen appliances like air fryers, coffee machines, and toasters added another £2,662, while redecorating costs averaged at £2,118.

Nearly £3,000 was spent by some on home décor, including plants, wall art, and rugs, while those who employed a removal company paid around £1,747. After the purchase, many had to deal with repairs, including electrical work (£1,914) and roof fixes (£1,759). The study revealed that 43% of new homeowners found it challenging to afford their first mortgage repayment due to the barrage of initial costs.

The study was conducted by Skipton Building Society to celebrate the introduction of its Delayed Start Mortgage – a new mortgage product that allows first-time buyers to postpone repayments for the first three months, providing them time to settle into their new home.

Tayo Oguntonade, TV presenter and property and finance expert, commented: “My top tip is to take the time to understand all the costs involved in the process. That way, you can turn unexpected expenses into expected ones, because when you’re fully informed, nothing can catch you off guard.”

A significant 63% admitted their finances were stretched to breaking point, with 35% managing expenses for two properties as rental agreements overlapped with moving in.

Jen Lloyd, head of mortgage products at Skipton Building Society, said: “Many first-time buyers are shocked by just how much they need to spend after collecting their keys – with costs quickly mounting into the tens of thousands.

“These additional expenses can often come as a surprise and can be difficult to budget for on top of everything else – from solicitor fees to new utility bills and much more."

Jen added: “The process of moving is already overwhelming, and the financial hit in those first few months can make what should be an exciting new chapter feel incredibly stressful. It’s clear that many buyers need more support and flexibility during this transition period.”

A significant 75% anticipated substantial expenses during the transition period but 26% found themselves dipping into unplanned savings. A fifth turned to credit, 17% took on additional work or overtime, and 15% borrowed from friends or family.

Unexpected costs included solicitor fees (20%), estate agent charges (19%) and furniture expenses (18%). Additionally, 17% were taken aback by their new council tax bill, while 14% were surprised by the cost of white goods.

The financial burden dampened the joy of homeownership for two-thirds of respondents, with an average recovery time of eight months.

In retrospect, 71% wished they had been more informed about the true cost of purchasing a property, and 74% advocated for increased support for first-time buyers in the early stages of homeownership.

Jen Lloyd added: "Big life moments like buying your first home should be a time of freedom and excitement – but for many, the financial strain makes it hard to enjoy this new chapter. With so many upfront costs, from essential repairs to furniture and fees, new homeowners can feel weighed down just as they're finally getting their own place.

"While it's encouraging many are preparing as best they can, the reality is these expenses still come as a shock. Buyers often find themselves scrambling to cover everything, whether that's dipping into savings, using credit, or leaning on loved ones.

"We believe in fairness, that's exactly why we've launched our new Delayed Start Mortgage – to give first-time buyers a fair start in their new home, and the breathing space they need in those critical first few months."