First Time Buyers Aim High

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%) of first time buyers surveyed by the Banks are setting their sights on buying a three bedroom house. Some 22% are aiming for a two bedroom flat and a fifth (20%) said they would like to buy a two bedroom house.

First time buyers in the Midlands are the most likely to buy a three bedroom house, compared to just 18% in Scotland, where the largest percentage (53%) 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%) plan to stay for between four and five years with more than a fifth (21%) hoping to live in their first home for more than 10 years.

The majority of those buying a new home (56%) said they were the sole owner whilst 42% 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% claiming to be searching for a bachelor pad. In comparison, just over half of the women surveyed (56%) said they were planning to live alone.

However finance was still a concern with 54% worried about getting a mortgage and more than two fifths (44%) of those surveyed admitting they were concerned about saving the necessary deposit.