First time buyers are splashing out. People who wish to buy their first home spend time leading up to their purchase leading la dolce vita. According to new research they throw their money around like there is no tomorrow.
Prior to the sting of mortgage payments, 20% of would be first time buyers spend £5,000 on luxuries like cars and exotic holidays .
First-time buyers plan to live the light fantastic prior to getting onto the property ladder . Before they incur the burden of mortgages, they want to have as great a time as possible.
20% of first time buyers view their financial spree as their last fling prior to committing to a mortgage, with another 20% claiming that they are making extravagant purchases now before all their spare money is invested in their cash will be spent on their home after they move in.
And of those planning to spend, spend, spend, most 57% will splash an average of £6,259 on a new car and 15% will spend approximately £1,818 on a foreign holiday .
70% of first time buyers think they will be financially worse off after they move in and so plan to limit their spending for 2.5 years.
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First Time Buyers Spend, Spend, Spend Fri, 15 Sep 2006
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