Moving Away From Your Ideal Location Might Be The Key To Finding Your First House

New research suggests that the key to finding an affordable first home to buy is to look around 30 minutes away from your preferred location.

According to a study from The Post Office, first time buyers often have to compromise due to high costs and 2/3 people are willing to consider properties several miles outside their preferred location.

It also found that a third are willing to compromise on the quality of their lifestyle when saving for their first home.

Those who compromised on location ended up choosing a home an average of 28 minutes, or 5.5 miles, away from their original preferred location while 13% of recent first time buyers said they ended up an hour or more away from their original location.

Two thirds of first time buyers ended up in a different location to their original choice. Of these some 14% said it was because they had friends or family living there, 14% to be closer to work and for 11% it was because they had lived there in the past.

The research also looked at the most important considerations for first time buyers and found that for 32% the size of the property was the top consideration, 29% said having a garden, 24% being close to work, 21% close to family and friends, 20% parking, 19% being near good schools, 18% transport links, 18% low crime rates and 17% being ready to move right away.

Some 7% made no compromises when purchasing their first home, 14% bought a smaller property than they anticipated, 11% found a property without a suitable garden and 7% even chose a property needing structural work.

34% of people surveyed were also willing to compromise on the quality of their lifestyle, whilst 23% didn’t mind how long it took them to save for their first property. 12% of people moved back in with parents to save money.