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.