FTBs making smart sacrifices

The report found that over half of FTBs are opting to buy a studio flat or a home with one or two bedrooms. Also, 67% said they purchased a property in an area they were unfamiliar with due to affordability challenges and a lack of suitable properties. But one in four new homeowners are moving on after an average of four and a half years, with 37% of respondents saying this was due to space sacrifices and 18% citing location as a key factor.

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David Morris at Santander commented that “the new wave of more savvy first-time owners seems to be increasingly pragmatic”; they are making compromises to get on the property ladder, then moving on to somewhere “better suited to their long-term needs

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