Despite the obvious disadvantages, buying further afield also has financial benefits
First-time buyers are increasingly moving away from family, friends, and familiar places to get on to the property ladder, according to new research from Santander UK.
The study revealed that 67% of Brits who bought their first home in the last two years had never seen their new neighbourhood before purchasing, compared to 51% of those who bought more than five years ago.
Santander UK’s findings indicate that first-time buyers are making significant compromises on location, with 60% moving to areas they had never heard of to secure a home. Sacrifices also included being further away from family (70%) and friends (68%).
The research showed that 40% of buyers spent less than two hours getting to know an area before buying a property there. In contrast, many spent more time watching a series on Netflix (23%) or scrolling social media in an average week (21%).
The study also highlighted that over a third (36%) of first-time buyers moved to unfamiliar neighbourhoods because they were cheaper, while 24% could not find a suitable property in their desired area.
The distance buyers are moving has increased, with last year’s Santander mortgage customers moving on average 23% further from their previous address compared to the last four years.
Despite the challenges, buying further afield has financial benefits. First-time buyers who moved to new neighbourhoods in the last two years saved an average of £29,000 compared to buying a house in their previous area.
“There’s a growing trend among first-time buyers to move to neighbourhoods further away from where they grew up, or where they were previously renting,” said Graham Sellar (pictured), head of mortgage development at Santander. “Whether their original area is unaffordable, or they’re deliberately looking to move further afield to get better value for their money, location has become the number one compromise for many first-time buyers.”
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