A survey of aspiring homeowners from Moneybox found 39% are actively looking at properties in neighbouring areas beyond where they currently live to improve their chances of securing a property which meets all their needs
Affordability concerns are prompting many first-time buyers to consider moving over 30 miles on average from their preferred location to get their foot on the property ladder, shows a research.
A survey of 1,000 aspiring homeowners from saving and investing app Moneybox found 39% are actively looking at properties in neighbouring areas beyond where they currently live to improve their chances of securing a property which meets all their needs.
Those surveyed were most willing to compromise on location in order to afford a garden (66%), a spare bedroom (53%), an ensuite bathroom (48%), a driveway (47%) or a garage (44%).
The study also revealed financial reasons were not the only things motivating potential homebuyers to look further away, with some looking for more peaceful or serene surroundings (38%), or safer neighbourhoods with lower crime rates (32%).
Aspiring FTBs in Wales are looking furthest afield, considering properties an average of 38 miles away. While hopeful buyers in London and the South East are prepared to move up to 33 and 37 miles respectively.
Despite affordability challenges, homeownership remains an important objective for the majority of FTBs in the UK (79%), with 62% viewing it as a key to unlocking financial security, up 6% from last year.
Brian Byrnes, head of personal finance at saving and investing app Moneybox, noted:Â Market volatility over the last few years has really highlighted how compromise is often the key to getting on the property ladder as a FTB. It is great to see how FTBs have been adapting to make their dream of owning a home a reality and we see this resilience and commitment every day among our customers.
He added: However, we also believe that more could be done to help FTBs navigate current market conditions with greater confidence. Interest rates and house price growth now mean that more people will struggle with affordability and so it is never been more important to save a suitable deposit.
