First time buyers are spending an average of six years saving for their first home.
But the study – from Mortgage Advice Bureau – reveals more surprising information about what FTBs actually want in the first home.
The research found that:
●45% say their biggest motivation is finding more internal or external space for a growing family
●43% prioritise energy efficiency and lower monthly running costs
●38% want central living and proximity to urban amenities
●35% are attracted by the potential to add value and customise a fixer-upper
●29% prioritise access to top school catchments or specific communities
The findings also reveal a near-even split in what buyers expect their first property to be, with 50% expecting to purchase a flat and 48% planning to buy a house.
Among those expecting to buy a flat:
●22% say it will be a new build flat
●18% expect to purchase an existing property
●10% are considering a renovation project.
Meanwhile, among those expecting to buy a house:
●23% say it will be a new build property
●23% expect to buy an existing property
●2% are considering a renovation project
However, the motivations behind those choices differ significantly.
Buyers planning to purchase a house are more likely to prioritise space, with 51% saying more internal or external space for a growing family is their key motivation, compared with 39% of buyers planning to purchase a flat.
Meanwhile, buyers opting for flats are more focused on location and connectivity, with 35% citing access to specific communities, schools or urban amenities as a key factor, compared with 23% of house buyers.
The findings suggest many aspiring buyers are increasingly viewing their first property as a long-term lifestyle decision rather than a short-term stepping stone.
A Mortgage Advice Bureau spokesperson says:“First time buyers are spending longer saving compared to previous generations, so many are being far more deliberate about the type of property they choose and the lifestyle they want their first home to support.
“While saving for a deposit remains one of the biggest challenges, many buyers are unaware of the schemes, mortgage products, and affordability options that may already be available to help them achieve their homeownership goals.
“Speaking to a mortgage broker early – even if you’re only starting to think about buying your first home – can help buyers better understand what they can realistically afford, identify lenders best suited to their circumstances, and potentially get onto the property ladder sooner than they expected.”
