You are here: Home - Mortgages - First Time Buyer - News -

Two-thirds of first-time buyers compromised on location

Written by:
Two thirds of recent first-time buyers compromised on location to get on the property ladder, according to new research.

A study of more than 1,000 people who purchased their first home in the last two years found those who compromised on location typically ended up 28 minutes, or 5.5 miles, away from their original preferred location.

But one in seven found themselves moving an hour or more away.

The most important factors for recent buyers when choosing their first home were size of property, having a garden and being close to work or family and friends, Post Office Money found.

Available parking, being near good schools and close transport links were also important considerations.

Fewer than one in ten of people surveyed said they made no compromises when purchasing their first home.

When it came to saving for their property, a third were willing to compromise on the quality of their lifestyle, while a quarter didn’t mind how long it took.

On top of this, recent first-time buyers commonly gave up luxuries, including going on holiday, having takeaways and buying lunch out.

However, some were faced with bigger lifestyle compromises, with 12 per cent moving back in with parents to save money.

Ross Hunter, from Post Office Money, said: “Buying a property in a highly sought-after area could mean buyers are faced with a longer savings period, making the journey seem out of reach. However, there are many ways prospective buyers can make their homeownership dream a reality.

“Considering somewhere away from your preferred location can open you up to more affordable properties. Recent FTBs who compromised on location were often happy with their chosen area (70%).”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • RT @STEPSociety: UK Ministry of Justice abandons plan to increase EW probate fees, described by STEP’s Emily Deane TEP as a stealth tax on…
  • UK Ministry of Justice abandons plan to increase EW probate fees, described by STEP’s Emily Deane TEP as a stealth…
  • RT @jilly284: @YourMoneyUK 200k #ukmortgageprisoners have been put in financial misery for over a decade through no fault of their own. Hom…

Read previous post:
Prudential fined £23m over annuity sales and thousands could get compensation

Around 17,000 Prudential customers are set to receive £110m in redress after the regulator identified “serious breaches” relating to the...