16 June 2024 , 07:30
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A twice-yearly survey of 1,000 hopeful homeowners found that 39% are broadening their search to nearby areas in a bid to find a property that ticks all their boxes.
By being flexible on location, those surveyed hope to afford features such as a garden (66%), an extra bedroom (53%), an en-suite bathroom (48%), a driveway (47%) or a garage (44%).
However, it's not just financial factors driving potential buyers to look further afield. A desire for quieter, more tranquil surroundings motivates 38%, while 32% are seeking safer neighbourhoods with lower crime rates.
Aspiring first-time buyers in Wales are casting the widest net, considering properties an average of 38 miles away. Meanwhile, those in London and the South East are willing to relocate up to 33 and 37 miles respectively.
The study also revealed that despite the challenges of affordability, owning a home is more important than ever for 79% of respondents, with financial security being the main driver for 62% of them.
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Brian Byrnes, head of personal finance at savings and investment app Moneybox, which commissioned the research, said: "Market volatility over the last few years has really highlighted how compromise is often the key to getting on the property ladder as a first-time buyer."
"It's heartening to see how first-time buyers are adapting and striving to make their dream of owning a home come true. We witness this determination and dedication daily among our customers."
"However, we also feel that more could be done to assist first-time buyers in navigating the current market conditions with increased confidence."
"With interest rates and house price growth as they are, affordability is becoming an issue for more people, making it crucial to save an adequate deposit."
The study also found 35% of those surveyed feel optimistic about becoming homeowners. (SWNS)The research also revealed that 35% of those polled are hopeful about becoming homeowners, with 22% even managing to save more than anticipated towards their deposit in the past six months.
However, the cost of living continues to eat into disposable income for 57%, making it difficult for 51% to save for a deposit alongside escalating house prices.
Based on the study conducted by OnePoll, first-time buyers are now saving 18% less towards their first home deposit than they were a year ago, down from £344 to £286 a month.
Yet, 17% are keenly awaiting the General Election to see what assistance might be offered to aspiring first-time buyers by a new Government.
Brian Byrnes of Moneybox added: "As we approach the final weeks before the General Election, it's evident that more needs to be done to address housing supply and sustainably increase homeownership - without further inflating house prices. However, many of the solutions needed are complex and will take some time to bear fruit."
"That is why we've been campaigning to future-proofing the Lifetime ISA, a hidden gem of a savings product that has supported a whole generation of first-time buyers, to buy their first home far sooner than would have otherwise been possible due to its 25 per cent government bonus on deposit savings of up to £4,000 every tax year."
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"We believe first-time buyers deserve all the help they can get and so we are calling on the next government to futureproof the Lifetime ISA and help more people save more money towards their first home deposit."