Many first-time buyers (FTBs) don’t end up purchasing a home in the area they’d originally intended to move to, new research has found.
An article for Mortgage Introducer shared a study by Post Office Money, which revealed that 63 per cent of those who are getting on the property ladder for the first time end up buying a home in an area that they didn’t expect to.
The main reason for their change of mind over the location of their home is due to affordability constraints, the organisation noted.
According to the research, the average FTB will end up moving 5.2 miles or 29 minutes away from where they’d originally intended to live.
The news provider also pointed out that, across the UK, 57 per cent of properties are considered affordable for FTBs, however that percentage falls to just 26 per cent in London. When they start looking for a home, 20 per cent of FTBs prioritise somewhere that’s close to work.
However, as the research found, areas with good transport links into major cities, as well as the cities themselves, are increasingly unaffordable for those buying a first home.
Wherever you’re looking to buy a home, it’s important to get the right support with the purchase process, so make sure you take the time to find property solicitors in Surrey who you trust.
For those struggling to afford homes in the areas they’d like to live in, it is worth looking at properties deemed ‘fixer-uppers’. Research last year from Direct Line Home Insurance found that properties that need serious structural work to be carried out can sell for up to £40,000 below the market average.