First time buyers are aiming high when it comes to the size of house they want to buy, according to new research from Clydesdale and Yorkshire Banks.
Almost a third (29 per cent) of first time buyers surveyed by the Banks are setting their sights on buying a three bedroom house. Some 22 per cent are aiming for a two bedroom flat and a fifth (20 per cent) said they would like to buy a two bedroom house.
What type of property do you plan to buy?
| Type of property | % |
| Three bedroom house | 29% |
| Two bedroom flat | 22% |
| Two bedroom house | 20% |
| Three bedroom flat | 12% |
| One bedroom flat | 7% |
| One bedroom house | 5% |
| Other | 4% |
| Studio flat | 1% |
First time buyers in the Midlands are the most likely to buy a three bedroom house, compared to just 18 per cent in Scotland, where the largest percentage (53 per cent) said they would opt for a flat.
While first time buyers are looking to move into larger properties, they said they are also planning to stay in their first home for a number of years.
The largest percentage of those surveyed (23 per cent) plan to stay for between four and five years with more than a fifth (21 per cent) hoping to live in their first home for more than 10 years.
| Length of time plan to stay in first home | % |
| Stay for 4-5 years | 23% |
| More than 10 years | 21% |
| Stay for 2-3 years | 15% |
| Stay for 5-6 years | 14% |
| Stay for 1-2 years | 7% |
| Stay for 9-10 years | 6% |
| Stay for 6-7 years | 6% |
| Stay for 7-8 years | 4% |
| Up to 1 year | 3% |
| Stay for 8-9 years | 1% |
The majority of those buying a new home (56 per cent) said they were the sole owner whilst 42 per cent bought jointly with a partner or friend and when it comes to sharing space, it seems that men prefer to live on their own with 72 per cent claiming to be searching for a bachelor pad. In comparison, just over half of the women surveyed (56 per cent) said they were planning to live alone.
However finance was still a concern with 54 per cent worried about getting a mortgage and more than two fifths (44 per cent) of those surveyed admitting they were concerned about saving the necessary deposit.
Andrew Pearce, Retail Director for Clydesdale and Yorkshire Banks, said: “Clydesdale and Yorkshire Banks remain committed to helping new homeowners through every step of the process. We are one of the few lenders still offering 95 per cent LTV mortgages to first time buyers and can also help prospective homeowners to save the necessary deposit with our Regular Home Saver account.”
The Banks currently offer a 3 year fixed rate at 6.49 per cent for buyers with a 5 per cent deposit and a 3 year fixed rate at 5.19 per cent for buyers with a 10 per cent deposit.
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