First-time buyers are spending an average of six years saving for a home as they prioritise finding properties that suit their long-term lifestyle needs rather than simply getting onto the housing ladder as quickly as possible.
Research from Mortgage Advice Bureau (MAB) suggests buyers are becoming increasingly selective, with space, energy efficiency and location ranking ahead of speed when it comes to purchasing a first home.
The study found that 45% of prospective buyers are motivated by finding more internal or external space for a growing family, while 43% prioritise energy efficiency and lower running costs.
A further 38% want access to urban amenities and central locations, while 35% are attracted by properties with scope to add value through improvements.
HOUSES AND FLATS
The research also highlights a near-even split between those expecting to buy a flat and those planning to purchase a house. Half of respondents believe their first property will be a flat, while 48% expect to buy a house.
House buyers are more likely to prioritise space, with 51% citing this as their main motivation, compared with 39% of flat buyers. Those looking to buy flats place greater emphasis on location, connectivity and access to specific communities and amenities.
LENDING SOLUTIONS
Rachel Geddes (main picture), Strategic Lender Relationship Director at Mortgage Advice Bureau, says: “First time buyers are spending longer saving compared to previous generations, so many are being far more deliberate about the type of property they choose and the lifestyle they want their first home to support.
“While saving for a deposit remains one of the biggest challenges, many buyers are unaware of the schemes, mortgage products, and affordability options that may already be available to help them achieve their homeownership goals.”
Barclays and Skipton Building Society both highlighted the role of alternative lending solutions, including springboard and track record mortgages, in helping aspiring buyers overcome deposit barriers and access homeownership sooner.
