Successful first-time buyers have attributed their ability to secure their ‘dream home’ to making a compromise on the location, a survey has revealed.
According to the Post Office Money, two thirds opted for a home in a place which was some distance from their preferred locations. In fact, on average, first-time buyers eventually bought a home 28 minutes – or 5.5 miles – away from their original house-hunting territory.
As many as one in seven found themselves moving nearly an hour away from their ideal place.
However, for the majority of those surveyed by Post Office Money, making the compromise was worthwhile as 70% said they were happy with their chosen area.
Making sacrifices
Not only were they willing to move further afield in a bid to bag an affordable home but first-time buyers were also making compromises in other areas, the research found.
Indeed, a third said they would happily give up going on holiday to boost their deposit while over a quarter said they would ditch takeaways and lunches out to improve their home buying fund.
Ross Hunter, of Post Office Money, said: “Buying a property in a highly sought-after area could mean buyers are faced with a longer savings period, making the journey seem out of reach.
“However, there are many ways prospective buyers can make their homeownership dream a reality. Considering somewhere away from your preferred location can open you up to more affordable properties.”
Post Office’s data reveals 56% of UK property was affordable to first-time buyers. It also provides a tool which allows first-time buyers to hunt for the most affordable local areas and also calculate how long they it will take them to save for their deposit. Click here to access the tool.
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