First-time buyers ‘expect too much from their starter home’
First-time buyers are failing to get on housing ladder because they have unrealistic expectations of homes, a Yorkshire Building Society survey has found.
Nearly a third (32 per cent) of people are aiming to buy a detached home when they purchase their first property, the survey found.
Aspiring first-time buyers are now looking to make their first home their “forever” home. Less than a quarter (24 per cent) said they would be happy to end up with a studio or flat, the survey of more than 900 people expecting to buy in the next 12 months found.
However nearly half (49 per cent) would consider a semi-detached house.
The average age of first-time buyers is now 30, seven years older than in 1960, when it was 23. Getting the right property is such a big priority that 39 per cent of potential first-time buyers said owning their own home was more important to them than getting married or having children.