Getting onto the property ladder is no small feat, and for first-time buyers, it often means making some significant sacrifices.
New research from Santander UK reveals a growing trend: moving further away from family, friends, and familiar places to find affordable homes.
Santander’s survey shows that two-thirds of Britons who bought their first home in the last two years had never seen their new neighbourhood before purchasing, a sharp increase from just over half (51%) of those who bought more than five years ago. While compromises on property type—like fewer bedrooms or less garden space—are common, more first-time buyers are now compromising on location. A whopping 60% moved to an area they had never even heard of to secure a foot on the property ladder. Being further away from family (70%) and friends (68%) were also among the top compromises.
In the rush to snap up a dream home, 40% of buyers are spending less than two hours getting to know an area before buying a property there. Interestingly, many admitted to spending more time watching a series on Netflix (23%) or scrolling social media in an average week (21%).
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Financial considerations are a key driver. Over a third (36%) of first-time buyers cited cheaper prices as their top reason for moving to an unfamiliar neighbourhood, while a quarter (24%) said they couldn’t find a suitable property in their desired area. The distance buyers are willing to move is also increasing, with last year’s Santander mortgage customers moving on average 23% further from their previous address compared to the last four years. Despite being away from loved ones, these buyers saved an average of £29,000 compared to buying in their original area.
Graham Sellar, head of mortgage development at Santander, comments: “There’s a growing trend among first-time buyers to move to neighbourhoods further away from where they grew up, or where they were previously renting. Whether their original area is unaffordable, or they’re deliberately looking to move further afield to get better value for their money, location has become the number one compromise for many first-time buyers.”
So, while the journey to homeownership may take first-time buyers further afield, the financial rewards make it a worthwhile adventure!
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