FIRST-TIME buyers should be selling up, not packing up, according to research by The Co-operative Bank.

It states couples buying together for the first time are sitting on a collective fortune of £377m in unwanted duplicate possessions.

The research, undertaken to mark the recent launch of the bank's first-time buyer mortgage service, reveals couples buying their first home together could add an average £1,000 to their deposit fund if they sold the items they double-up on.

So well equipped are today's first-time buyers, spare items go far beyond a surplus kettle or the odd CD.

In fact, many couples even have items in triplicate. A gadget-friendly 13 per cent of people questioned confess to owning three or more DVD or video players and 14 per cent have three or more home computers.

David Newman, director of marketing management at The Co-operative Bank, said: "As the average age of first-time buyers has risen to 34 it's no surprise purchasers have amassed, quite literally, a wealth of household items, which can often double when buying a first home together.

"First-time buyers can free up much-needed cash by selling these items to help fund their property purchase."

Yet 58 per cent of couples will not sell their duplicate belongings as they are worth too little to sell and literally throw money away by binning their spare items.

The Co-operative Bank has launched a First-Time Buyers Guide. Visit co-operativebank.co.uk for more information.