The cost of furnishing and setting up a new home has dropped over the past year, offering some relief to homebuyers amid persistent inflation elsewhere in the economy, according to new analysis by Coventry Building Society.
The mutual’s latest Homebuyers’ Inflation Basket – a bespoke measure based on key household purchases and moving costs – shows that prices for essential items associated with homeownership have fallen by 0.42% over the past year.
That contrasts sharply with the broader Consumer Prices Index (CPI), which rose by 3.6% over the same period.
The analysis, based on the latest data from the Office for National Statistics (ONS), captures the cost of kitting out a typical home – from appliances and furniture to legal and moving expenses – and is intended to give prospective buyers a more tailored view of inflation.
BIG-TICKET ITEMS
Several big-ticket items saw notable price drops. Fridge freezers are down by nearly 7%, falling £36 on average to £493. Double wardrobes and adult beds fell by over 6%, while televisions dropped by 8.5%, and electric cookers declined by more than 4%.
Not everything is getting cheaper, however. Wallpaper prices surged by more than 50%, rising from £18 to £27 per roll. Kettles rose by over 13%, while conveyancing fees – a key professional cost for buyers – increased by 6.3% to £1,330.
FINANCIAL COMMITMENT
Oli Dyer, Head of Mortgage Propositions at Coventry Building Society, says: “Buying a home is a big financial commitment – and the costs don’t stop once you’ve picked up the keys.
“But it’s encouraging to see that many of the day-to-day essentials are staying steady or even falling, even as house prices continue to rise.
“That takes a bit of pressure off and gives people more confidence that moving home – or moving up the ladder – is still within reach. Knowing the real costs can help buyers plan better and feel more in control of the journey.”
The findings come as first-time buyers and movers alike continue to face affordability pressures, with mortgage rates remaining elevated and house prices resilient in many parts of the country.
