New research from Yorkshire Building Society reveals that the number-one priority for first time buyers is neither local transport links or closeness to an array of restaurants but having their own garden. The findings however, reveal that the importance of some other features lessens once people actually settle in to their new home, suggesting that a compromise may pay off in the long-term for potential first time buyers. For example, while 36% of potential first time buyers looking for home mortgage finance see living near good public transport as key, it is far less of a factor for those who recently bought their first home at 26%, suggesting this is a compromise they actually 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 low maintenance increases by 8% to 36% among recent first-time buyers who know what looking after your own home really involves.
Recent first time buyers are also far more likely than potential first time buyers to want a home that is near their family at 36% compared to 26% of scond time buyers.