Desperate to escape the rent trap and finally get on the property ladder, first-time buyers are willing to move an average of 30 miles away from their ideal location to secure their dream home, a new study has revealed.
This means ditching the familiar faces and favourite haunts for the sake of a garden, an extra bedroom, or that all-important parking space.
Compromise is Key for First-Time Buyers Facing Soaring Costs
The research, which polled 1,000 aspiring homeowners across the UK, found that nearly 4 out of 10 are widening their property search to neighbouring towns and villages.
So, what are these determined buyers looking for?
- Outdoor space: A whopping 66% crave a garden
- Extra room: 53% yearn for a spare bedroom
- Luxury touches: En-suite bathrooms (48%), driveways (47%), and garages (44%) top the wish list
But it’s not just about ticking off those dream home features. 38% of respondents are searching for a more peaceful environment, while 32% want to move to safer areas with less crime.
Where in the UK Are Buyers Willing to Travel the Furthest?
It seems those in Wales are the most flexible, willing to relocate an average of 38 miles from their preferred location. Londoners and those in the South East aren’t far behind, prepared to move up to 33 and 37 miles respectively.
Financial Security Remains Top Motivation Despite Challenges
Despite the cost of living crisis and soaring house prices, owning a home remains a top priority for 79% of first-time buyers surveyed. Financial security is the driving force for 62%, highlighting the deep-rooted desire to escape the uncertainty of renting.
Brian Byrnes, head of personal finance at saving and investing app Moneybox, which commissioned the research, acknowledges the challenges facing first-time buyers in today’s market.
“Market volatility over the last few years has really highlighted how compromise is often the key to getting on the property ladder,” he said.
Some Buyers Remain Optimistic
Despite the hurdles, there’s a glimmer of optimism among some first-time buyers. The study found that 35% feel positive about becoming homeowners, with 22% even managing to save more than expected towards their deposit in the past six months.
However, the rising cost of living continues to bite, impacting the disposable income of 57% of those surveyed. Unsurprisingly, 51% are finding it tough to save for a deposit, especially as house prices continue to climb.
Savings Take a Hit as Election Looms
The research also revealed a concerning trend: first-time buyers are now saving 18% less towards their deposit compared to a year ago. Monthly savings have dropped from £344 to £286.
With a General Election on the horizon, 17% of those surveyed are eagerly waiting to see what support a new government might offer to first-time buyers struggling to get a foot on the property ladder.
Byrnes believes more needs to be done to tackle the housing crisis. “As we approach the final weeks before the General Election,” he said, “it’s clear that more needs to be done to address housing supply and sustainably increase homeownership – without further inflating house prices.”
He highlights the Lifetime ISA as a valuable tool for first-time buyers and calls on the next government to safeguard and promote this savings product.
“We believe first-time buyers deserve all the help they can get,” Byrnes added.