FTBs Sacrifice Dream Homes For Equity Opportunities...
09 September 2007
First-time buyers (FTBs) do not expect their first home to be a palace, research from Yorkshire Bank has revealed.
According to the bank's quarterly Housebuyer's Survey one third of FTBs are prepared to sacrifice location for a property with some scope to add value and gain equity.
One in three FTBs said they are prepared to live in 'less fashionable' areas, while one in five said they would not mind living next to a cemetery is it meant they were successfully on the property ladder.
Nearly four in ten FTBs said they would consider extending or converting their property to add value.
Gary Lumby, Yorkshire Bank's head of retail, said: "Our research shows that first time buyers are becoming increasingly savvy when it comes to buying their first home.
"Although living in less than fashionable area or a less than perfect house may not be the dream home first time buyers have in mind, building up equity and adding value can help make their entry to get onto the property ladder very worthwhile.
"It's sensible to see that many first time buyers are considering properties and postcodes that may not normally be at the top of their viewing list but could benefit them financially in the future."
According to figures from Yorkshire Bank, 18 per cent of FTBs are expecting house prices to rise significantly over the next twelve months.
