First Time Buyer
Two-thirds of first-time buyers compromised on location
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%).”