First-time buyers prefer houses over flats

Seven out of 10 (72 per cent) of first-time buyers in the UK want to own a house rather than a flat, according to research from Clydesdale and Yorkshire Banks

The UK average is up considerably on last year when only 57 per cent of first-time buyers said they wanted a house rather than a flat. The 28 per cent who said they preferred a flat this year is significantly down on 2014 when 43 per cent were aiming to buy a flat rather than a house.

Steve Fletcher, director, retail banking, said: “Our research has underlined the changing expectations of first-time buyers and a combination of factors such as people entering the property market at an older age and homeowners staying in their home for a longer length of time is having an impact on the preferred type of home for first time buyers.”

The research also highlighted that 62 per cent of London homeowners are opting for flats and 37 per cent are choosing a house when taking their first step onto the property ladder. This reflects the high property prices, availability of housing stock and distinct challenges of buying a home in the capital.

The London market shows a stark contrast to the 92 per cent of those surveyed in Yorkshire and 90 per cent in the Midlands who wanted a house rather than sampling apartment living.

Preferred Type of Property