20 things

Bradford & Bingley’s First-time Buyer Report

1 September 2007

1 Figures from the fourth annual Bradford & Bingley (B&B) First-time Buyer (FTB) Report has revealed that FTBs’ housing wish list is topped by two-bed properties with good transport links.2 B&B said that FTBs appeared to be eschewing the idea of living near the bright lights of pubs and restaurants in their hunt for the ideal starter property.

3 The study, undertaken by YouGov, questioned 1,456 FTB adults and showed that 68 per cent of respondents said having a property with a minimum of two bedrooms was their top priority.

4 For 55 per cent of those with a smaller budget, having a property with at least one separate bedroom, as opposed to a studio or bed-sit, was an important requirement and came second on the wish list.

5 The study showed that 40 per cent of those surveyed were moving further out of their town or to a different town to be able to afford their first property.

6 B&B said it was no surprise therefore that 46 per cent of those questioned said that it was essential to have good transport links close to their chosen property.

7 This was particularly so for Londoners, who listed having good transport links as their number one priority, taking 78 per cent of the FTBs’ vote.

8 For those who drive the extra distance to work, good parking also came high up on the list for 46 per cent of people, taking joint third position.

9 ‘Having a nice garden’ came in at number five in the wish list, garnering 35 per cent of the vote.

10 A garden was followed by ‘choosing a home in a specific road or location’ for 31 per cent and ‘having a home in good decorative condition’ for 25 per cent.

11 The study showed that women were much more concerned with having a nice garden than men, polling at 40 per cent and 28 per cent respectively.

12 The proximity to bars and restaurants came low down the list, with just 13 per cent of the vote, missing the top 10 and featuring at number 13.

13 When it comes to family ties, FTBs showed they were willing to cut them when making their first step onto the property ladder.

14 Living close to family and friends only just featured in the top 10, coming in at number eight with 23 per cent.

15 Family was just ahead of ‘low council tax band’. For women living close to family was of greater importance than it was to men, at 26 per cent and 19 per cent respectively.

16 For 4 per cent of FTBs there was no other criteria other than just being the owner of their very own home.

17 Gus Park, director of intermediary sales at Mortgage Express, B&B’s specialist lending 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.”

18 He said making a wish list was an ideal way for FTBs to work out exactly what their priorities were when searching for a home and highlighted the criteria they would be happy to compromise on.

19 Park added they were surprised but reassured to see the majority of FTBs approached the property search sensibly, opting for properties with a number of bedrooms, good transport links and nice gardens.

20 Park said: “These properties are 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.”