And don’t forget all these hidden costs

THERE is so much focus on the purchase price of a property that many buyers overlook the extra cash required to turn it into a proper home in the first year.

Etched on my memory is the £450 I paid for a basic Habitat sofa bed in 1988 – £1,196 at today’s prices. The cost of furniture has fallen over the years due to cheap imports.

But it doesn’t mean that setting up home isn’t a struggle for first-timers who are paying more than four times the price for a property than in 1988.

The latest first-time buyer index from Aldermore

Bank found that nearly a quarter of buyers live in an ‘empty’ home for months because money is so tight. As many as a third allocate any available spending (on average £3,000 in the first year) to redecorating.

Buyers also need to factor in the unavoidable ongoing costs such as council tax, ground rent, home insurance and utility bills – which can total £6,200 a year.

Damian Thompson, director of mortgages at Aldermore, says: ‘New homeowners should try to continue a regular savings routine and ensure they have some money put aside for unexpected repairs.’ Despite these hurdles, 76 per cent expressed happiness that they are no longer wasting money on rent with 40 per cent saying they ‘felt a sense of pride’ at having converted from renter to owner.

My daughter hopes to find some furniture at British Heart Foundation stores, which sell good quality second-hand items at bargain prices.

The charity is currently running a Reuse Revolution campaign to encourage people to renovate old pieces bought from charity shops rather than buying new.