Nearly a third of aspiring first-time buyers 'aiming for detached home'

Many aspiring first-time buyers may be looking to make their first home their "forever" home, by holding out for a family-sized house rather than starting off with a smaller property, research suggests.

Nearly a third (32%) of people are aiming to dig their heels in for a detached home when they purchase their first property, Yorkshire Building Society found.

And nearly half (49%) would consider a semi-detached house in their property search.

But less than a quarter (24%) of aspiring first-time buyers said they would be happy to end up with a studio or flat, the survey of more than 900 people expecting to buy in the next 12 months found.

Traditionally, people may have aimed for a larger family-sized home following several moves up the property ladder.

But with many people buying their first home later in life, and also having moving costs to consider, some buyers could be focusing on homes which will suit their needs for longer.

Determined buyers are also prepared to spend significant periods saving up to get the home they want, the survey found.

The Society's First-Time Buyers Report found a quarter (25%) of aspiring first-time buyers estimate they will have been saving for at least five years by the time they have bought their first home, and one in 10 (10%) think they will have been saving for over a decade.

Getting the right property is such a big priority that two-fifths (39%) of potential first-time buyers said owning their own home was more important to them than getting married or having children.

The main priorities of potential first-time home owners included the number of bedrooms (66%), the size of the property (64%) and commuting distance (60%).

More than half (55%) also plan on spending less than £10,000 to make their new house a home which will fit their needs, suggesting they may be holding out for ready-to-move-into properties.

Chris Irwin, senior mortgage manager at Yorkshire Building Society, said: "Rather than simply being a first step on the property ladder, it would appear first-time buyers have a clear idea of what they hope their first property will be, and are not afraid to wait to get it.

"While five to 10 years may feel like a long time saving, buying a house is one of the biggest financial commitments someone can make in life.

"With one in five recent buyers expecting to stay in their first home for 15 years or more, many are clearly looking for a longer-term or 'forever' home.

"It's good that potential buyers are considering what they want and need in a home and have clear aspirations to get a first house that meets their needs."

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