First time buyers broaden geographic scope

June 28, 2024 by Brendan O'Neill

Borrowers

A new survey of people who are trying to buy a home for the first time has found that more of them are now broadening their geographic scope in search of properties that they can afford.

This survey was produced by Moneybox, an investment and savings app. It spoke to 1,000 people who are looking to buy a first home and the results show that 39% have broadened their scope in terms of locations. Most are viewing properties situated in areas that are over 30 miles outside of their first choice locale, due to a lack of options that they can afford.

Among the home amenities that respondents cited as priorities were gardens, spare bedrooms, en-suite bathrooms, driveways and garages. A garden was named as a top priority by 66% of people who took part in the survey and looking outside of their first choice areas was considered a price worth paying to secure these features.

Outside of particular features that first-time buyers want their homes to have, there were other reasons for searching further afield. A quieter environment was cited by 38%, while less crime was named by 32%.

Moneybox personal finance head Brian Byrnes said to Mortgage Introducer that:

“Market volatility over the last few years has really highlighted how compromise is often the key to getting on the property ladder as a first-time buyer.”

Such compromise helps mortgage advisors with CeMAP training to find suitable options, but also reveals how much of a continuing issue lack of housing supply is.