First time buyers are aiming high

houseline161First time buyers are aiming high when it comes to the size of house they want to buy, according to new research from Clydesdale and Yorkshire Banks.

Almost a third (29%) of first time buyers surveyed by the Banks are setting their sights on buying a three bedroom house. Some 22% are aiming for a two bedroom flat and a fifth (20%) said they would like to buy a two bedroom house.

First time buyers in the Midlands are the most likely to buy a three bedroom house, compared to just 18% in Scotland, where the largest percentage (53%) said they would opt for a flat.

While first time buyers are looking to move into larger properties, they said they are also planning to stay in their first home for a number of years.

The largest percentage of those surveyed (23%) plan to stay for between four and five years with more than a fifth (21%) hoping to live in their first home for more than 10 years.

What type of property do you plan to buy?

Type of property %
Three bedroom house 29%
Two bedroom flat 22%
Two bedroom house 20%
Three bedroom flat 12%
One bedroom flat 7%
One bedroom house 5%
Other 4%
Studio flat 1%

 

Length of time plan to stay in first home %
Stay for 4-5 years 23%
More than 10 years 21%
Stay for 2-3 years 15%
Stay for 5-6 years 14%
Stay for 1-2 years 7%
Stay for 9-10 years 6%
Stay for 6-7 years 6%
Stay for 7-8 years 4%
Up to 1 year 3%
Stay for 8-9 years 1%

The majority of those buying a new home (56%) said they were the sole owner whilst 42% bought jointly with a partner or friend and when it comes to sharing space, it seems that men prefer to live on their own with 72% claiming to be searching for a bachelor pad. In comparison, just over half of the women surveyed (56%) said they were planning to live alone.

However finance was still a concern with 54% worried about getting a mortgage and more than two fifths (44%) of those surveyed admitting they were concerned about saving the necessary deposit.

Andrew Pearce, Retail Director for Clydesdale and Yorkshire Banks, said: “Clydesdale and Yorkshire Banks remain committed to helping new homeowners through every step of the process. We are one of the few lenders still offering 95% LTV mortgages to first time buyers and can also help prospective homeowners to save the necessary deposit with our Regular Home Saver account.”

The Banks currently offer a 3 year fixed rate at 6.49% for buyers with a 5% deposit and a 3 year fixed rate at 5.19% for buyers with a 10% deposit.

Clydesdale and Yorkshire Banks have a range of competitive mortgages for first time buyers and remortgagers. For more information, please ask your local branch or contact 0800 22 24 26 for Clydesdale Bank or 0800 20 21 22 for Yorkshire Bank or visit www.cbonline.co.uk or www.ybonline.co.uk

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