FTBs choose to be close to work

Posted: 08 Aug 2007 10:39:34 GMT

Being close to work is becoming a bigger priority for first-time buyers (FTBs) than other considerations when purchasing a house.

Being close to work is becoming a bigger priority for first-time buyers (FTBs) than other considerations when purchasing a house.

Research by Alliance & Leicester shows that FTBs are willing to sacrifice an interesting social life in order to have easy access to the office.

According to the study, 51 per cent of FTBs consider being close to work to be the most important factor when buying a house.

A further 34 per cent rank good transport links highly, while only 28 per cent consider living close to family and friends to be important and just 17 per cent rank living near shops and nightlife as vital.

"Many first-time buyers are obliged to look closely at their priorities and overheads when they move," commented Stephen Leonard, director of mortgages at Alliance & Leicester.

"Clearly choosing the right location is key to long-term happiness in a new home, but buyers should also be careful not to over-stretch their budgets and may opt for a short commute to work to help keep costs down."

The research also found that FTBs who rent before they buy are more in touch with house prices than those who live with their parents.

Renters expect to have to pay around £152,731 for their first property, £6,761 more than the average FTB property price, while those at home expect to fork out £137,796, £8,174 less than the national average.

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