New research has found that first-time buyers (FTBs) are waiting for six years on average before they buy.
This research comes from the Mortgage Advice Bureau (MAB). The organisation spoke to FTBs about what things they were prepared to wait for. In response, 45% said a property that has enough room – inside and outside – for raising a family. Another 43% of them said a low maintenance property that is energy efficient is what they are holding out for.
Among the other priorities for prospective FTBs are a central location that is close to amenities (38%), a property that has the potential for improvement (35%), and one lying within a chosen school catchment area (29%).
When it comes to the types of properties that FTBs are waiting for, the results show a mix of houses and flats. 22% of those who are looking to buy a flat want a new build, while 18% prefer an older building. New builds and existing homes are each favoured by 23% of house buyers.
Rachel Geddes works for MAB as its strategic lender relationship director. Speaking to The Intermediary, she said:
“First time buyers are spending longer saving compared to previous generations, so many are being far more deliberate about the type of property they choose and the lifestyle they want their first home to support.”
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