First-time buyers are having to make compromises on their new home despite spending over £222,000 on average.
According to a new survey by Barratt Homes, 77% of first-time buyers are forced to compromise on their first home despite the average cost cost coming in £12,000 higher than they originally planned to spend.
The survey identified the most important factors for first-time buyers such as location, size and the size of the garden.
It found that 28% of prospective buyers were willing to sacrifice location, whereas one in six would compromise on the number of bedrooms they want for the chance to find the near-perfect first home.
Those who had purchased their first home in the past five years acted differently, sacrificing the size of the garden (36%) or the availability of off road parking (23%). Only 23% said they didn’t have to compromise, while 17% felt they had ultimately compromised on the wrong factor.
A spokesperson for Barratt Homes, said: “Our research shows that buying a first home can be a challenging process where some buyers can struggle to know what to expect or to compromise on. However, it’s encouraging that almost a quarter of buyers are able to find the perfect first home without having to make any compromises at all.”
First time buyers are also spending longer in their first homes than they initially might have planned.
Only half of those who planned to stay for less than a year did so, while 71% of people stayed for four or more years.
The research also suggests that many people don’t feel the need to make any changes to their new property. Almost one in four did nothing to their first home after they moved in.
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