A whopping 77% of first-time buyers are compromising on their first home, according to a survey by Barratt Homes.
The research shows that despite settling for less than their dream home, prospective homeowners spent an average £12,000 more than first intended.
The survey of over 2,000 prospective buyers and first-time homeowners shows that on average first-time buyers are spending over £222,000 on their first home. This is 6% more than the £210,000 homeowners are looking to spend.
The survey identified location, size and size of the garden as the most important factors for prospective buyers.
In reality, those who had purchased their first home in the past five years acted differently, sacrificing the size of the garden (36%) or the availability of off road parking (23%). Only 23% said they didn’t have to compromise. 17% felt they had ultimately compromised on the wrong factor.
A spokesman for Barratt Homes said: “Our research shows that buying a first home can be a challenging process where some buyers can struggle to know what to expect or to compromise on. First-time buyers are seeing their first home not as a launchpad onto bigger and better things, but as a live-ready home in which to spend a significant amount of time. It allows them to better identify the most important factors to them when choosing a home, which can only result in a happier homeowner.”
First-time buyers are also spending longer in their first homes. Only half of those who planned to stay for less than a year did so, while 71% of people stayed for four or more years.