First Time Buyers Seeing Double
- to the Tune of £377 Million
First time buyers should be selling up, not packing up, as research recently released by The Co-operative Bank reveals they are sitting on a collective fortune of £377 million* in unwanted duplicate possessions.
The research, undertaken to mark the recent launch of the Bank’s first time buyer mortgage service, reveals that couples buying their first home together could add on average nearly £1,000 to their deposit fund if they sold the items they double up on.
So well equipped are today’s first time buyers that spare items go far beyond a surplus kettle or the odd CD. In fact, many couples even have items in triplicate. A gadget-friendly one in eight (13 per cent) confess to owning three or more DVD or video players, and one in seven (14 per cent) have three or more home computers.
David Newman, Director of Marketing Management at The Co-operative Bank said: “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. Savvy first time buyers can free up much-needed cash by selling these possessions to help fund their property purchase.”
Yet close to six in ten couples (58 per cent) will not sell their duplicate belongings with nearly half (47 per cent) believing that their spare goods are worth too little to sell, and one in eight literally throwing money away by binning or dumping their spare items.
Nearly a third (32 per cent) stash duplicate items in the loft and a generous two in five (42 per cent) give them away to friends or family. Of those wanting to sell, over 80% say they will sell on eBay.
Northern first time buyers are laughing all the way to the bank with the highest average re-sale value of £1371 in spare household goods, while Scottish respondents bring up the rear owning just £273 on average in replicated belongings. Further regional data is available.
In addition, the Bank has also launched a ‘First Time Buyers Guide’, available for download at www.co-operativebank.co.uk.
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