FTBs sacrifice space in order to buy

Posted: 23 Aug 2007 11:31:20 GMT

Home sellers are finding that first-time buyers (FTBs) will settle for less when looking for a property.

Home sellers are finding that first-time buyers (FTBs) will settle for less when looking for a property.

It is good news for anyone wishing to sell a property that may not offer some of the traditional basics such as lots of space.

FTBs are so desperate to get onto the property ladder that they are willing to compromise and it is something that is becoming an increasing reality for many.

GE Money Home Lending and The Future Foundation have found that 23 per cent of FTBs are willing to compromise on the home they buy.

This is up on the seven per cent who would do the same in 1977. Living space is the biggest casualty, with just 12 per cent making a sacrifice in this department 30 years ago, compared to 27 per cent today.

Gerry Bell, head of mortgage marketing at GE Money Home Lending, points out that rising house prices are not the only factor forcing FTBs to compromise.

"The fact that more and more first-time buyers are compromising their desires in a first home in order to get on the property ladder can largely be credited to economic factors such as rising house prices, however many are also delaying their purchase of a first home for lifestyle choices," he said.

Garages, gardens and the type of property are other areas where FTBs are increasingly making sacrifices.

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