Furniture expenditure up 70 per cent
(23 April 2007)

The amount Britons spend on furniture has risen by 70 per cent over the past ten years and now amounts to an average of £531 per annum, new figures reveal.

Halifax Credit Cards advise that a total of £13.5 billion was spent on new furnishings during 2005 by UK residents, up from £7.3 billion in 1995.

The mid-90s found UK consumers spending £312 per week on such items, but the increase could mean that many are paying over the odds for their sofas and tables, Halifax has advised.

"When it comes to furnishings, we all love filling our homes with creature comforts but this shouldn't leave you with empty pockets or paying high interest for months afterwards," said Ken Stannard, head of Halifax Credit Cards.

Paying due care and attention to the condition of existing furniture was crucial to potential future savings, the study noted. Last week the Guardian newspaper revealed that furniture costs rose by a record ten per cent last month due to retailers hiking prices ahead of Easter sales.