A flat used to be the perfect vehicle for first-time buyers (FTBs) to make that first step on to the housing ladder, but it now seems that more and more are forgoing this route to skip straight on to buying a house.
Research carried out by Clydesdale and Yorkshire Banks has revealed that 72% of first-time buyers questioned are now setting their sights on buying their dream house rather than a flat. This is a marked change from last year, when only 57% of first-time buyer respondents said that they wanted a house.
Three-bedroom houses were the most popular option, with 38% of those who wanted to buy a house saying that this was the type of property they would be aiming for. Two-bedroom varieties were next in the popularity stakes, with 32% of respondents citing this as their dream first home. One-bedroom properties lagged behind significantly, with only 2% of first-time buyers finding this type of home attractive.
But why are flats falling out of favour? Well, it could be due to a combination of factors, such as the increasing average age of first-time buyers and the fact that more homeowners are planning to stay put for longer periods of time. Bearing these things in mind, it is perhaps not surprising to find that more and more people are skipping the first baby steps on the housing ladder to move straight on to a family-sized home.
However, not all areas of the UK lend themselves to the purchase of a house over a flat. London was found to be the region where the highest number of first-time buyers still aspire to buy a flat, with 62% of respondents in the capital saying that this was their target property. This contrasts strongly with areas such as Yorkshire and the Midlands, where only 6% and 10% of respondents respectively said that they hoped to buy a flat. Clearly, the high house prices in London, combined with a reduced number of available properties, are playing an influential part in the decisions of first-time buyers in the capital.
If you have been dreaming about a home – or flat – of your own, then maybe it is time to make your dreams a reality! Mortgage rates have currently hit a record low, so now is the perfect time to take advantage and get on to the housing ladder.
We've compiled a list of the best mortgages for first-time buyers, so if you'd like to see what's on offer, check it out! You may also want to take a look at the best Help to Buy deals - whether you need a mortgage to buy a house or a flat, there is bound to be one that suits!
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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