According to research by Alliance & Leicester Mortgages' movingimproving index, 51 per cent of FTBs regard living close to their place or work as the most important factor in their house purchase decision, with a further third (34 per cent) rating good transport links as another key decision-maker. In contrast, only around one in four (28 per cent) FTBs rates living close to friends and family as vital, while just one in six (17 per cent) regards living near shops and nightlife as the most important factors in their search for a home.
Stephen Leonard, director of mortgages at Alliance & Leicester, said: "Many FTBs are obliged to look closely at their priorities and overheads when they move. Clearly choosing the right location is key to long-term happiness in a new home, but buyers should also be careful not to over-stretch their budgets and may opt for a short commute to work to help keep costs down."
Renters most realistic about the cost of their first home
Although four out of 10 renters would like to buy a property - but can't afford to - they are more realistic about property prices than those would-be FTBs still living at home. Renters are looking to spend an average of £152,731 on their first home - £6,761 more than the national average FTB property price.
In contrast, while the majority of would-be FTBs currently live at home, half of these (52 per cent) say they have no intentions of leaving the parental nest and say they are only prepared to spend £137,796 on their first home - £8,174 less than the average FTB property price.
Leonard added: "It's interesting to see that many still living with their parents are actually looking to spend the least on a property and may well be underestimating the cost of buying their first home, while renters appear to have a more realistic idea about moving and buying expenses."
