First time buyers 'prepared to compromise on location'

06-Sep-2007

A new study from Yorkshire Bank has revealed that almost a third of all first time buyers are prepared to compromise on location when it comes to buying their first home.
Less fashionable areas are increasingly popular as more and more prospective homeowners look to purchase wherever they can, the study suggests, with one in five even happy to live next to a cemetery or trainline if it meant that they were then able to do up the property.

It is this tendency to renovate that was consoling many first time buyers, the study suggests, with 37 per cent preferring to extend or convert parts of a smaller home rather than starting off with a bigger property.

"Our research shows that first time buyers are becoming increasingly savvy when it comes to buying their first home," commented Yorkshire Bank's head of retail Gary Lumby.

"Although living in less than fashionable area or a less than perfect house may not be the dream home first time buyers have in mind, building up equity and adding value can help make their entry to get onto the property ladder very worthwhile," Mr Lumby added.

FirstRungNow.com managing director Helen Adams has already said that many first time buyers needed to be more realistic in their expectations when it comes to the type of home in which they live.

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