Coventry Building Society’s new analysis of ONS data reveals key homebuying costs are rising slower than inflation – and in many cases falling.
The cost of setting up a home has increased by just -0.92% over the past year – significantly lower than the broader UK inflation rate of 3.4%, according to fresh analysis from Coventry Building Society.
The figures offer a new take on inflation from the perspective of homebuyers, focusing on the essential goods and services required to furnish and move into a new home – from white goods and furniture to conveyancing and van hire.
Dubbed the “Homebuyers Inflation Basket”, the index paints a more optimistic picture for those facing the financial stretch of getting onto the property ladder or moving home.
KEY FINDINGS
While some costs have risen steeply – notably wallpaper (up 56.56%), conveyancing fees (up 5.96%) and removal van hire (up 4.99%) – many major household items have fallen in price, helping to keep overall inflation below the national rate.
FALLING COSTS
- Fridge freezers: down -12.05% (£544 to £478)
- Chest of drawers: down -7.34% (£461 to £427)
- Curtains: down -4.99% (£77 to £73 per pair)
- Cutlery sets: down -20.89% (£35 to £27)
Some home essentials have seen modest price increases, but still sit well below CPI.
- Armchairs: up 1.01% (£728 to £735)
- Electric cookers: up 0.37% (£504 to £506)
- Dinner plates: up 2.82% (£28 to £29 for four)
Jonathan Stinton, Head of Intermediary Relationships at Coventry Building Society, says the data offers some much-needed reassurance for buyers managing tight budgets.
He adds: “House prices often dominate the conversation when it comes to homebuying – but the costs don’t stop when you get your keys. Setting up a home comes with all sorts of additional expenses, from furniture and appliances to conveyancing and removals,” he said.
“With house prices still creeping up, it’s reassuring to see that the essential costs of setting up a home have fallen well below CPI.
“For buyers already stretching their budgets, it’s one less thing to worry about. While some costs, like conveyancing, have gone up, it’s good to see that overall, homebuyers are beating inflation.”
