First-time buyers aiming high
The Annual First Time Buyers Survey has revealed that a three bedroom house is the top choice for almost a third (32%) of those surveyed, whilst 24% said they would prefer a two bedroom flat.
A two bedroom house is the next on the starter property list for more than a fifth (22%) of the nation’s first-time buyers with 10% opting for a three bedroom flat. Just 7% said they would aim for a one bedroom flat and only 3% for a one bedroom house.
The survey also highlights the property trends in different regions with 63% of Londoners understandably opting for a flat whilst only 37% prefer a house.
In contrast 87% of those surveyed in Wales select a house with only 13% choosing a flat.
The annual research also revealed that the majority (59%) of those surveyed rent before buying their first home while 23% stayed with their parents or other family members.
The next generation of homeowners also seem financially aware with 35% stating that they want to buy a home because it is an investment for the future while a further third (33%) believe it makes financial sense and 16% outlined that buying a home is cheaper than renting.
Andrew Pearce, retail director for Clydesdale and Yorkshire Banks, said: “Clydesdale and Yorkshire Banks have been unwavering in their support of first-time buyers and we continued to offer both 95% and 90% LTV mortgages while many others withdrew these products.
“This research shows that it is still challenging to take the first step onto the property ladder and many are now aiming for a larger property as their first home as they believe this is a good investment for the future.”
Clydesdale and Yorkshire Banks are currently providing a range of mortgages for first-time buyers, including new 95% and 90% loan to value products fixed for three years at 4.89% and 3.89% respectively.