First time buyers are aiming high

First time buyers are aiming high when it comes to the size of house they want to buy, research from Clydesdale and Yorkshire Banks has found.

Almost a third (29%) of first time buyers surveyed are looking to buy a three bedroom house. Some 22% are looking for a two bedroom flat and a fifth (20%) said they would like to buy a two bedroom house.

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.

The survey found 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.

Peter Lawrence at Lawrence Rand said: “Whilst it remains challenging for first time buyers to enter the property market, we have seen growing numbers of enquiries in recent weeks and this survey shows that the ambition and desire to own one’s own home is undiminished.”