Despite rising house prices and the costs associated with buying a home, today’s first-time buyers still want to furnish their homes almost immediately - with nearly a quarter (22%) purchasing their ‘essential items’ within a month of moving in, compared to just eight per cent 30 years ago.

21st century first time buyers are simply not prepared to wait - 42 per cent would rather stay in and save money by cutting back on their socialising costs than scrimp on what they want.

A study carried out by Alliance & Leicester Mortgages into the ‘Attitudes of First Time Buyers in the 21st Century’ shows a marked difference between new buyers today and those who stepped onto the property ladder 30 years ago.

Then, first time buyers were more willing to scrimp and save up for their desired items, with a third (33%) prepared to do without essential household items for over 18 months after they moved in. For example, half (50%) of first time buyers in the mid 1970s moved in with a ‘hand me down’ sofa compared with just over a third (35%) today.

Stephen Leonard, Director of Mortgages & Savings at Alliance & Leicester said: “Our research shows that first time buyers today are clearly looking for a quick fix solution to achieving their ‘dream home’. It is encouraging to see that many first time buyers would rather cut back on going to the pub in order to pay for their furniture than extend their borrowing."

Other key findings reveal:

• 27% of first time buyers 30 years ago moved in with a second-hand wardrobe compared to 15% of first time buyers today.
• 82% of first time buyers today rope their friends and family to help move them in, instead of spending money on removal vans compared to 57% of first time buyers 30 years ago.