However, the findings reveal that the importance of some other features lessens once people settle in, suggesting compromise could pay off in the long-term for potential first time buyers.
For example, while 36% of potential first time buyers see living near good public transport as key, it is far less of a factor for those who recently bought their first home (26%) which suggests this is a compromise they made and didn’t regret.
While 23% of potential first time buyers say they would be happy to buy a smaller house in a more desirable area, just 9% of those who bought in the last year agree. The feeling that experience provides a different outlook is backed up by the numbers who want a property to be low maintenance. The appeal of that attribute increases by 8% to 36% among recent first-time buyers who know what looking after your own home really involves.
In addition, recent first time buyers are far more likely than potential first-time buyers to want a home that is near their family (36% compared to 26%).
Regional differences also apply and potential first-time buyers in London (63%) are far more likely to value access to good public transport than those in the East Midlands (19%).In addition, as many people move to the capital for work, they are also the least likely to value living near their families (17% compared to the UK average of 28%).
First time buyers in the North East are most likely to value a low maintenance property (38%) while those in the South East (37%), Yorkshire (35%) and the East of England (35%) are most committed to living near their families. Londoners (29%) and those in the North West (28%) are most likely to want to buy a smaller house in a more desirable area compared to those in the North East (15%).
Chris Smith, Group Direct Mortgage Manager at Yorkshire Building Society, said: “Many potential first time buyers have a very clear picture of what they want from a first home and may be holding back until the perfect property comes on the market."
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