Save, make, understand money

First Time Buyer

First-time buyers set their sights on larger properties

Your Money
Written By:
Your Money

Despite the difficulties of getting on the housing ladder, it seems a one bedroom flat simply won’t cut it for Britain’s first-time buyers.

According to new research from Clydesdale and Yorkshire Banks, 32% of aspiring buyers aim to purchase a three bedroom house, while 24% would prefer a two bedroom flat.

A two bedroom house is the next on the starter property list for more than a fifth (22%) of the nation’s first-time buyers with 10% opting for a three bedroom flat.

Just 7% said they would aim for a one bedroom flat and only 3% for a one bedroom house.

The annual research also revealed that the majority (59%) of those surveyed rent before buying their first home while 23% stayed with their parents or other family members.

The next generation of homeowners also seem financially aware with 35% stating that they want to buy a home because it is an investment for the future while a further third (33%) believe it makes financial sense and 16% outlined that buying a home is cheaper than renting.

Andrew Pearce, retail director for Clydesdale and Yorkshire Banks, said: “This research shows that it is still challenging to take the first step onto the property ladder and many are now aiming for a larger property as their first home as they believe this is a good investment for the future.”