New research into views of 1st time buyers
Gone are the days just getting a foot on the property ladder was enough to satisfy first-time buyers – would-be homeowners of today are prepared to wait for their first home with few compromises, according to new research.
The First Time Buyers Report 2018 from Yorkshire Building Society shows a quarter (25%) expect to have saved for at least five years by the time they buy, and one in 10 (10%) for more than a decade, but have a wish-list that makes it worth waiting for.
The report contains examples of borrowers who have managed to overcome the hurdles to buy, plus helpful hints and tips around saving for a deposit and borrowing a mortgage.
Despite the lengthy wait many potential first-time buyers face to own a home, aspiring homeowners still place significant importance on purchasing their first home. Nearly two in five (39%) say owning a house is more important to them than any other life event, including getting married or having children.
The research, which was conducted by YouGov, involved a survey of a nationally representative UK sample of aspiring first-time buyers to examine the attitudes and concerns they have towards buying their own home.
Findings from the report indicate almost a third (32%) of potential first-time homeowners would aim for a detached house as their first property and nearly half (49%) would consider a semi-detached house. Less than a quarter (24%) would be happy to settle for a studio or flat.
The main priorities of potential first-time homeowners included the number of bedrooms (66%), the size of the property (64%) and commuting distance (60%). The majority (55%) also plan on spending less than £10,000 to make a house a home, suggesting they may be holding out for ready-to-move-into properties.
Chris Irwin, senior mortgage manager at Yorkshire Building Society, said:
While five to 10 years may feel like a long time saving, buying a house is one of the biggest financial commitments someone can make in life.
With one in five recent buyers expecting to stay in their first home for 15 years or more, many are clearly looking for a longer-term or ‘forever’ home. It’s good that potential buyers are considering what they want and need in a home and have clear aspirations to get a first house that meets their needs.
The majority (90%) of would-be buyers said owning their own property would make it feel more like home and seven in ten (70%) believe becoming a first-time buyer would be ‘essential’ to feeling that they had succeeded in life.
Chris Irwin added:
In a housing market often deemed too tough for aspiring homeowners, it’s encouraging to see the strong ambition of first-time buyers and the importance they place on owning a home, which for many is deemed the key milestone in life.
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 948 potential first-time buyers (next 12 months). Fieldwork was undertaken between 21st March - 11th April 2018. The survey was carried out online. The figures have been weighted and are representative of potential first-time buyers in the UK.