Property News > Despite having to compromise, first time buyers generally find stepping into the house market an exciting experience

Despite having to compromise, first time buyers generally find stepping into the house market an exciting experience

For a nation as obsessed with the property market as Britain, stepping onto the property ladder is more difficult than you may first expect. However, during times of such political and economic certainty this is not too surprising.First time buyers in the UK are now said to be looking further afield for their first home, though despite the heaping costs and financial strain, they see it as an exciting experience. The majority of first time buyers who have moved onto the housing market in the last 24 months state that they had to make compromises with location at the forefront of that. As many as 70% ended up buying a property some 26 minutes away from their desired location with 16% stating they did not have to adjust their expectations. A further 5% compromised in regards to the garden and 3% on the availability of a car parking space. 4% had to buy a property in need of structural work which had been their intention in the beginning.In the last 12 years, house price growth has increased by 48%, a rather astronomical rise in the grand scheme of things, whilst the increase to the average income of a typical first buyer is only 37% over the same period. The housing market remains a challenging environment for many, however, first time buyers are relishing the challenge and are approaching the market with enthusiasm and room for flexibility. The motivation to move onto the property ladder is greater than ever and it was found 24% of first time buyers did so after meeting someone and wanted to set up a home together. 21% wanted long term security that is often associated with owning a home whilst 16% wanted to move out of their parent’s or relative’s home. A further 15% did so because it was expected of them at their age.When it came to finance, 25% said they decided to buy as they felt they were spending too much on rent and it wasn’t a good investment, 23% had saved enough for a deposit and 18% regarded buying a property as the best investment for their money in the long term.A total of 44% believed that the experience of being a first time buyer was exciting and joyful, however almost a quarter admitted the experience was stressful. With 12% finding it frustrating, 9% described the process as daunting and 4% found it exhausting.At 83%, the majority of first time buyers surveyed claimed that their mortgage application was approved first time, however, over half were unable to buy their home without financial support from friends or family with 44% asking for this help.Whilst the majority found the overall experience to be positive and joyful, the worst parts of buying included uncertainty, stress and anxiety, with 28% experiencing such feelings. 24% put negativity down to unanticipated costs such as solicitor fees and 15% said it was down to having to borrow money from loved ones.Advice for first time buyers who are still seeking a property, 32% of who have already purchased a home advise seeing a lot of properties before choosing, 31% said to think term and 29% urge you to be flexible about the property itself with 27% advising flexibility regarding the location. 25% advise to see the future potential of the property not its current state and 25% also advise to start with areas that are affordable.

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