Despite what we are told about home being where the heart is, it would seem, for many, practicality trumps emotion when it comes to buying one’s first property. The mortgage lender’s survey found one in four first-time buyers (FTBs) saw their first home as a mere stepping stone and did not get too caught up […]
Despite what we are told about home being where the heart is, it would seem, for many, practicality trumps emotion when it comes to buying one’s first property.
The mortgage lender’s survey found one in four first-time buyers (FTBs) saw their first home as a mere stepping stone and did not get too caught up in whether it felt right.
Indeed, this is evident in the fact that sacrifices on space and location were the reason 37% and 18% of respondents, respectively, moved on after an average of four-and-a-half years.
This average lifespan of a first home compares to eight years for a second or third home. And it’s no wonder, since Santander discovered more than half of first-time buyers (51%) were buying either a studio flat or a property with one or two bedrooms, to secure an initial foot on the property ladder.
This was despite 18% of first-time buyers having at least one dependent in 2024, according to Santander’s own data.
Homeowners also reported one of the reasons they moved on so quickly from their first home was due to its location, with data from Santander showing a lack of suitable properties and affordability constraints pushed two thirds (67%) of first-time buyers to purchase in a neighbourhood they had never seen before.
As a result, homeowners were accelerating their drive to become next-time buyers, due to the desire for a larger home (37%), a more desirable location (18%), proximity to family (18%) and wanting a garden (14%).
David Morris, head of homes at Santander UK, said: “While many of us might feel sentimental about the day we got our first set of keys, the new wave of more savvy first-time owners seems to be increasingly pragmatic about their first home purchase.
“Given the ever-present affordability challenges faced by today’s first-time buyers, many are finding that the only way to get onto the housing ladder is by making compromises on space or location.
“Once that first foot is secure, their pragmatism is paying off, as many find they can quickly move on to a property better suited to their long-term needs.
“Checking that you can port your mortgage product and getting to grips with the cost of moving up the ladder are key for those buyers already looking one step ahead.”
