What’s the dream of many first-time buyers in the UK? According to new research from Clydesdale and Yorkshire Banks, it’s to own a three-bedroom house.
The lender’s Annual First Time Buyers Survey shows that a three-bed house tops the wish list of 32% of would-be buyers, while 24% hope they would live in a two-bedroom flat. Another 22% opted for a two-bedroom house and 10% stated they prefer a three-bedroom flat. Only 7% of prospective buyers named a one-bedroom flat as their first choice and just 3% pointed to a one-bedroom house.
Most house hunters (59%) live in a rented property before they get the keys for their first home and 23% share the house of their parents or other family members, the report also found.
Other things to take away from the study suggest that today’s first-time buyer is pretty financially savvy: 35% of respondents stated they want to purchase a house because it is an investment for the future. According to 33% of the sample, buying a house brings financial benefits and 16% said that owning a house incurred lower expenses than renting.
The study also revealed wide variations in first-buyers’ housing preferences. Londoners, for instance, opted increasingly for a flat, with 63% identifying it as the home of their dreams, and only 37% said they want to buy a house. In Wales, meanwhile, 87% of respondents picked a house and only 13% wished they had a flat. The national average figures, however, confirmed once again Britons’ love for houses: 57% of prospective buyers opted for a house and 41% chose a flat.
What would make your dream home? Do you prefer a flat or a house?