Today’s first time buyers are more financially focused than those who bought before the credit crunch, according to Yorkshire Building Society.
However, the economic turmoil has not dampened their desire to ‘nest’.
Research revealed that, while 85 per cent of those who bought in the last year said setting up home with their partner was their primary goal, at a time of national financial instability, people are also looking at their homes as an opportunity to improve their finances.
The research of over 2,000 potential/existing first time buyers found that despite market conditions, three out of four people who had yet to purchase their first property aspired to own their own home.
According to Yorkshire, this suggests that despite the economic environment more people than ever are looking towards bricks and mortar to provide them with certainty.
Meanwhile, 45 per cent of those who bought their first home in the last year said they felt property was a good investment, and 49 per cent were prompted to buy as they felt renting was a waste of money.
The same percentage of potential first time homeowners agreed with this statement but 5 per cent more said they saw property as a good investment.
First time buyers who bought prior to the fallout from the credit crunch are less likely to agree as arguably they had easier access to credit and fewer financial worries, Yorkshire explained.
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