With first time buyers embracing the housing market, Post Office Money surveyed 1,000 people who bought a property in the last 24 months, to develop a picture of the modern FTB.
Although house prices have increased more than average wages over a decade and homes have become increasingly less affordable, the rise in buyers may be due to more options being available for people who have struggled to save. One in ten FTBs said they took out a mortgage that doesn’t require a deposit.
Meanwhile, half of FTBs accepted help from a friend or family member.
One in three first time buyers raised the full amount for their deposit on their own, with 21 per cent saving with help from their partner.
To get on the ladder, most first-time buyers had to adjust their expectations, with 92 per cent saying they had to make some compromise when it came to buying their home.
Some 63 per cent said they were more willing to compromise on the location than on the property itself. Only one in 10 said they would take a property that needed structural work.
The top five priorities for recent FTBs were: the size of the property (30%), having a garden (28%), available parking (23%), being close to friends and family (21%), and being close to work (20%).
New buyers who compromised on location moved 29 mins or 5.2 miles away from where they originally intended on average, but one in four moved 45 minutes to two hours from where originally planned. This was often due to the potential for more affordable homes.
Around 84 per cent of FTBs who compromised on locations said they do not regret moving into their new neighbourhoods, listing the amount of green space (29%), less busy location (27%) and increasing house values locally (26%) as the mail reasons they are happy.
Some 43 per cent of FTBs said they felt high rents were one of the main reasons they bought their first home.
Ross Hunter, Post Office Money said: “We are committed to developing financial products that help solve some of the problems FTBs face. We have launched two new mortgages, First Start which helps you boost a first-time buyer’s borrowing power, and Family Link, where parents can fund the necessary deposit by using the value of their home”
Post Office Money has also launched a free online tool, allowing aspirational home owners to map out their ideal savings journey depending on when and where they hope to buy, and how much they can afford to save.”