‘Nice garden’ tops first time buyers’ must-have list
A garden was followed by living near good public transport. While 23% of potential first time buyers say they would be happy to buy a smaller house in a more desirable area, only 9% of those who bought in the last year agree. Recent first time buyers are far more likely than potential first-time buyers to want a home that is near their family (36% compared to 26%). The survey questioned 2,000 recent and potential first-time buyers.
Potential first-time buyers in London (63%) are far more likely to value access to good public transport than those in the East Midlands (19%). They are also the least likely to value living near their families (17% compared to the UK average of 28%).
First time buyers in the North East are most likely to value a low maintenance property (38%) while those in the South East (37%), Yorkshire (35%) and the East of England (35%) are keenest to live near their families. Londoners (29%) and those in the North West (28%) are most likely to want to buy a smaller house in a more desirable area compared to those in the North East (15%).
Chris Smith, Group Direct Mortgage Manager at Yorkshire Building Society, said: “Many potential first time buyers have a very clear picture of what they want from a first home and may be holding back until the perfect property comes on the market. However, when you compare potential first-time buyers’ ‘must-haves’ to those seen as important by people who recently bought their first home, you can identify some compromises which could benefit them long-term. A garden’s appeal remains fixed but living close to public transport becomes less important and views on picking location over property size also change within just a year.”
[adjusted to include the number of people included in the survey]Tagged in: buying house, first-time buyers
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