Post Office Money research shows than one in five (20%) initially prioritise buying a property that is close to work when they begin their house hunt.
Nearly two thirds (63%) of first-time buyers end up buying properties in different locations than originally expected due to affordability constraints.
Post Office Money research shows than one in five (20%) initially prioritise buying a property that is close to work when they begin their house hunt.
Chrysanthy Pispinis, director of Post Office Money, said: “One element of the house hunt that most buyers will need to contend with is finding an affordable area to invest their hard-earned money in.”
Post Office Money released the research after launching an online tool which allows new buyers to map out their deposit plans based on property affordability in their chosen area.
On average, new buyers will end up moving 29 mins or 5.2miles away from where they originally intended.
Across the UK, 57% of properties are in areas that are affordable for first-time buyers.
Locations with easy access or strong transport links to major cities, and indeed the cities themselves, can face affordability issues due to their popularity amongst commuters.
London has become unaffordable for many, as only 26% of properties are in areas affordable for new buyers and the average London house price is now £535,732.
On the other end of the spectrum Liverpool has an average first-time buyer property price of £125,000 and has the UK's fastest growing city centre.Some areas outside the city such as Warrington and Sefton are more expensive for young buyers than buying in the city.
