First-time patrons ready to maneuver 30 miles from excellent location to get a house

A biannual survey of 1,000 hopeful homeowners revealed that 39% are eyeing up neighbouring areas to boost their chances of bagging a property that ticks all their boxes.

By being flexible on location, those surveyed are hoping to afford luxuries such as a garden (66%), a spare bedroom (53%), an en-suite bathroom (48%), a driveway (47%) or a garage (44%).

However, it’s not just financial factors driving potential homebuyers to cast their nets wider, with 38% seeking more tranquil or serene surroundings, and 32% desiring safer neighbourhoods with lower crime rates.

Aspiring first-time buyers in Wales are willing to look the furthest, considering properties an average of 38 miles away. Meanwhile, those in London and the South East are prepared to relocate up to 33 and 37 miles respectively.

The study also found that despite the challenges of affordability, buying a home is more crucial than ever for 79%, with financial security being the top motivator for 62% of respondents.

Brian Byrnes, head of personal finance at saving and investing app Moneybox, which commissioned the research, said: “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.”

“It’s fantastic to see how first-time buyers are adapting to make their dream of owning a home come true, and we witness this determination and commitment among our customers daily.”

“However, we also believe that more could be done to assist first-time buyers in navigating the current market conditions with increased confidence.”

“With interest rates and house price growth, affordability is becoming a struggle for more people, making it crucial to save an adequate deposit.”

The study revealed that 35% of those surveyed are optimistic about becoming homeowners, with 22% even managing to save more than anticipated towards their deposit in the past six months.

However, the cost of living continues to affect disposable income for 57%, making it difficult for 51% to save for a deposit alongside soaring house prices.

According to the OnePoll research, first-time buyers are now saving 18% less towards their first home deposit than they were a year ago, down from £344 to £286 a month.

But 17 % are eagerly awaiting the General Election to see what support might be offered to aspiring first-time buyers by a new Government.

Moneybox’s Brian Byrnes commented: “As we approach the final weeks before the General Election, it’s clear that more needs to be done to address housing supply and sustainably increase homeownership – without further inflating house prices. However, many of the solutions needed are complex and will take some time to bear fruit.”

“That is why we’ve been campaigning to future-proofing the Lifetime ISA, a hidden gem of a savings product that has supported a whole generation of first-time buyers, to buy their first home far sooner than would have otherwise been possible due to its 25 per cent government bonus on deposit savings of up to £4,000 every tax year.”

“We believe first-time buyers deserve all the help they can get and so we are calling on the next government to futureproof the Lifetime ISA and help more people save more money towards their first home deposit.”