Homeowners are spending thousands of pounds on home improvements within the first 12 months of moving into a property, a new report has revealed.

Abbey Mortgages has revealed that £6,289 is the average figure spent in the first year of moving into a new house, as homeowners seek to shape their property to their liking.

The most expensive outlay was on extensions and conversions, which take up an average of £1,522 in the first year.

Furniture, meanwhile, accounts for £1,000 of expenditure during the same period.

"The additional expenses incurred during the first year after moving can catch people out and it is important to budget effectively," commented Nici Audhlam-Gardiner, head of mortgages at Abbey.

The figures follow separate research showing that Britons spent billions on converting space into liveable areas in their homes.




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Author:  Joanne McCabe

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