What are your house-buying priorities?
Published
10th Aug 2007
As property prices continue to escalate, first-time buyers face making more sacrifices with many opting for convenience for work over their social life.
Half of first-time buyers (FTBs) regard living close to their place of work as the most important factor in their house purchase decision, with a further third rating good transport links as another key decision-maker.
In contrast, only 28 per cent of FTBs rate living close to friends and family as vital, while just one in six regards living near shops and nightlife the most important factors in their search for a home.
Stephen Leonard, director of mortgages at Alliance & Leicester, said: “Many first-time buyers are obliged to look closely at their priorities and overheads when they move.
“Clearly choosing the right location is key to long-term happiness in a new home, but buyers should also be careful not to over-stretch their budgets and may opt for a short-term commute to work to help keep the costs down.â€
Renters most realistic
Although 40 per cent of renters would like to buy a property – but can’t afford to – they are more realistic about property prices than those would-be first-time buyers still living at home. Renters are looking to spend an average of £152,731 less on their first home - £6,761 more than the national average first-time buyer property price.
In contrast, while the majority of would-be FTBs currently living at home, 52 per cent of these say they have no intentions of leaving the parental nest and say they are only prepared to spend £137,796 on their first home - £8,174 less than the average first-time buyer property price.
Leonard said: “It’s interesting to see that many still living with their parents are actually looking to spend the least on a property and may well be underestimating the cost of buying their first home, while renters appear to have a more realistic idea about moving and buying expenses.â€
By Jennifer Lowe
Source: '
What Mortgage '
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