First time buyers want to be near work

08-Aug-2007

Rising property prices have made first time buyers more practical as many are looking to buy near their workplace, new research has revealed.

A survey by Alliance & Leicester Mortgages has shown that over half of first time buyers (51 per cent) place living close to their workplace as the top factor when looking to buy a house.

That was a significant lead on the second most sought after quality, good transport links, which received the support of 34 per cent of those polled.

Living close to friends and families came in third at 28 per cent, with proximity to shops and nightlife trailing it at 17 per cent.

According to Stephen Leonard, director of mortgages at Alliance & Leicester, first time buyers are becoming increasingly conscious of the need to stretch a budget, and cutting on the commute is one way to save money.

"Clearly choosing the right location is key to long-term happiness in a new home, but buyers should also be careful not to over-stretch their budgets and may opt for a short commute to work to help costs down," he said.

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