First-time buyers in the UK property market are typically having to compromise on what they want their first home to be when it comes to getting themselves onto the property ladder, a new survey has revealed.
According to Post Office money, things like the number of bedrooms in the home, as well as the overall size, type and location are all things that new buyers will have to consider changing when they are looking to get themselves a property.
Among those surveyed who had bought a home in the last two years, it was discovered that the most common compromise comes in location, with as many as 70 per cent saying they had bought a home a minimum of 26 minutes away from where they had originally planned to.
Other things that first timers said they had compromised on included the property having a suitable garden, which five per cent said they had been happy to change, and the availability of parking, which three per cent had changed their mind on.
Overall, as few as 16 per cent of people who had got onto the ladder in the past two years said they had managed to do so without having to compromise at all on their expectations or desires. This shows that compromise is a big factor when buying for the first time.
And despite it being a challenging prospect to get onto the property ladder, the largest proportion of those surveyed said they felt like the experience of becoming a homeowner had been a good one. The Post Office Money data shows that as many as 44 per cent said they had found it a joyful or exciting experience.
This was compared to just 24 per cent who said it had been an overly stressful experience, 12 per cent who said it was frustrating, nine per cent who found it daunting and four per cent who were left exhausted once they had finished buying.
Owen Woodley, managing director, Post Office Money, said of the survey results: "We’re seeing that first-time buyers approach the market with enthusiasm and flexibility. Our data also shows that 62 per cent of home sales are still in areas across the country that remain within reach for those looking to take their first steps on the property ladder."