First-time buyers ‘want houses, not flats’

Fri 26 Jun 2015

New houses

The vast majority of first-time buyers have their minds set on buying a house, rather than a flat, when it comes to securing their own home.

Traditionally, first-time buyers are thought to be happy with purchasing a flat, before moving on to a house only once they have saved enough money or built enough equity to allow them to progress up the housing ladder.

But new research by Clydesdale and Yorkshire Banks has found some 72 per cent of first-time buyers would like to buy a house, up from 57 per cent of respondents who shared this view in last year’s poll.

It means only 28 per cent of first-time buyers would prefer to buy a flat and underlines the lofty ambitions of many young people in the current market.

Some of the factors believed to be behind the trend include the fact people are generally entering the property market at a slightly older age, as well as the increase in people remaining in their first home for longer than before.

It certainly makes sense for people who are planning to stay in their first home for a number of years to invest in a house in order to ensure they do not need to pay out to move again in the short term.

Of course, there are regional variations in the results, with Londoners more pessimistic about the likelihood of being able to step on to the ladder with a house. On the other hand, 92 per cent of those in Yorkshire said they would like a house rather than a flat.

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