First-time buyers shift priorities

According to Yorkshire Bank’s quarterly Housebuyers’ Survey, first-time buyers are reviewing their priorities in order to get a foot on the property ladder.

The survey found that 30% of first-time buyers were prepared to buy property in areas that are not considered particularly fashionable or desirable, rather than overstretch themselves financially.

Whilst property value and accruing equity is still a high priority for this group of house purchasers, one-third are prepared to make sacrifices to secure a future with a mortgage that is affordable.

To this end, 20% of respondents to the survey would even go so far as to buy a house adjacent to a cemetery or a railway line, if this meant they could buy a larger property than elsewhere, or one with more expansion potential.

New home-buyers are interested in adding value to their property in ways other than buying in an ideal location.

Of those questioned, 37% stated that they would prefer to buy a house that can be expanded or has a loft that can be converted, rather than purchase a larger house at the outset.

Gary Lumby, Yorkshire Bank’s head of retail, believes that first-time buyers are developing sound strategies that could benefit them financially in the future.

They are also an optimistic group, with 18% believing that house prices will continue to rise noticeably in coming 12 months.

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