Bradford & Bingley's fourth annual First Time Buyer Report showed young homebuyers are rejecting the idea of living close to the bright lights of bars and restaurants in favour of a two bedroom home with good parking.
Size matters
When asked to prioritise their desired criteria, it would appear that size matters for first-time buyers. Overwhelmingly, respondents said that having a property with a minimum of two bedrooms (68%) was top priority. For those with a smaller budget, having a property with at least one separate bedroom (55%), as opposed to a studio or bed-sit, was an important requirement and came second on the property wish list.
Going the extra mile
With 40% of those surveyed moving further out of town, or to a different town entirely, just to be able to afford their first property, it's no surprise that nearly half (46%) said that it was essential to have good transport links close to their chosen property. This was particularly so for Londoners, who listed this their number one priority, taking 78% of the first-time buyer vote. For those who drive the extra distance to work, good parking (46%) also came high up on the list, taking joint third position.
Swapping marguerites for marigolds
First-time buyers are also proving themselves to be a green fingered bunch, with 'having a nice garden' coming in at number five in the 'wish list' (35%) followed by 'choosing a home in a specific road / location' (31%) and 'having a home in good decorative condition' (25%). Interestingly, women (40%) were much more concerned with having a nice garden than men (28%).
Low down the list came proximity to bars and restaurants (13%), missing the top ten and featuring at number 13, proving that first-time buyers are happy to leave behind the marguerite cocktails in favour of a pair of marigolds.
Family ties
First-time buyers are also willing to cut their family ties when making their first step onto the property ladder. Living close to family and friends only just featured in the top ten, coming in at number eight (23%), just ahead of 'low council tax band' (21%). For women (26%), living close to family is of greater importance than it is to men (19%).
For a few (4%) there was no other criteria other than just being the owner of their very own home.
Gus Park, director of intermediary sales for Mortgage Express, Bradford & Bingley's specialist arm, commented: “Buying your first home is probably the largest financial commitment that an individual can make, therefore it's important to get it right. Making a 'wish list' is an ideal way of working out exactly what your priorities are when it comes to searching for your dream home and also highlights those criteria that you would be happy to compromise on. From our research, we were surprised but reassured to see that the majority of first time buyers approach the property search with a sensible head on their shoulders, opting for properties with a number of bedrooms, good transport links and nice gardens - perfect for selling on when the time eventually comes to make the next step up. Proving that, no matter how strong the desire is to own one’s own home, it is important not to rush into buying the first, affordable property on the market and to keep in mind your ultimate goal of owning the ideal home."
