FTBs are prepared to compromise on their priorities to get a foot on the housing ladder, a report has revealed.
Prepared to compromise
Since house prices for FTBs have almost doubled in the last decade, it is hardly surprising that an increasing number are no longer holding out for their ideal home. Young people’s desire to own their first property is still high (87%). With prices making this ambition harder, a growing number are willing to compromise on their priorities. This is especially true for the third (33%), who say they want to get on the ladder as soon as possible.
Anywhere will do
Almost half (44%) of prospective first-time buyers looking to get on the housing ladder are now researching locations they wouldn’t have considered prior to the cost-of-living crisis. Moreover, more than six in ten say they are prepared to move to a different part of the country to get on the housing ladder.
The best for FTBs
In this context, the report lists ten up-and-coming areas that FTBs are honing in on. These areas rank well for lower average purchase prices compared to the surrounding region, as well as other FTB priorities such as low crime rates, good transport links to major cities, access to good schools, proximity to green spaces, ultrafast broadband availability and investment in local regeneration.
At the top of the list are Kingston upon Hull, Middlesborough, Neath Port Talbot, Derry City and Strabane, and Falkirk.
[1] Halifax, 2023
🚨 Data accurate as of the date of publication – 06.03.2024
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Source: Quilter Financial Planning – Essentially Mortgages Q1 2024
