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First time buyers set their sights high

A three bedroom home tops the wish list for the largest percentage of first time buyers, according to recent research from Clydesdale and Yorkshire Banks.

The Annual First Time Buyers Survey prepared by the banks has revealed that a three bedroom house is the top choice for almost a third (32%) of those surveyed, with 24% saying they would prefer a two bedroom flat.

A two bedroom house is the next on the starter property list for more than a fifth (22%) of the nation’s first time buyers, with a further 10% opting for a three bedroom flat. Just 7% said they would aim for a one bedroom flat and only 3% for a one bedroom house.

The survey also highlights the property trends in different regions with 63% of Londoners understandably opting for a flat and only 37% prefering a house. In contrast 87% of those surveyed in Wales would choose a house for their first home, with only 13% choosing a flat. Scotland however has a more even split, with 50% opting for a flat and 48% opting for a house.

The annual research also revealed that the majority (59%) of those surveyed rent before buying their first home, while 23% stayed with their parents or other family members.

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