Even in the current economic climate, the desire to own your own home is so strong that people are willing to make sacrifices to fulfil their goals. New statistics from a survey of 1,000 new homeowners have revealed the extent to which home purchasers are willing to compromise in order to climb onto the property ladder.
In order to afford a property as a first time buyer, new homeowners are having to move further and further away from their home base or where they work to own their own property. Many homeowners will now consider moving more than 30 miles.
The survey shows that first time buyers will also compromise location for other factors. A garden would influence 66% of people who said they would compromise their preferred location for some outdoor space, and 53% said they would move further away for an additional bedroom.
Other reasons for moving away include the search for a quieter and more tranquil lifestyle (38%) and owning a home in a safer area with lower crime rates (32%).
Head of personal finance at Moneybox, Brian Byrnes, commented: “Market volatility over the last few years has really highlighted how compromise is often the key to getting on the property ladder as a first-time buyer.”
Data obtained via the company’s savings and investment app found that 79% of people placed great value on owing their own home, and that increased financial stability was the main goal for 62%.
Speaking prior to the general election, Brian Byrnes said that: “more needs to be done to address housing supply and sustainably boost home ownership – without further inflating house prices. However, many of the solutions needed are complex and will take some time to bear fruit.”
Whether or not the new government’s policies will help first time buyers remains to be seen. Labour’s proposed housing policies were hinted at in the King’s Speech, when Charles III said that “my ministers will get Britain building, including through planning reform, as they seek to accelerate the delivery of high quality infrastructure and housing”. In addition, new legislation will be published on leasehold and commonhold reform.