Most first time buyers want a three bedroom house, new research shows

A three bedroom home tops the wish list for the largest percentage of first time buyers in the UK, according to the latest annual survey from Clydesdale and Yorkshire Banks.

Some 32% named a three bed house as their first choice, 24% opted for a two bedroom flat, 22% a two bedroom house, 10% a three bedroom flat, 7% a one bedroom flat and 3% a one bedroom house.

The survey also highlights the property trends in different regions with 63% of Londoners opting for a flat whilst only 37% prefer a house. In contrast 87% of those surveyed in Wales select a house with only 13% choosing a flat.

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.

The next generation of home owners also seem financially aware with 35% stating that they want to buy a home because it is an investment for the future while 33% believe it makes financial sense and 16% outlined that buying a home is cheaper than renting.

Andrew Pearce, retail director for Clydesdale and Yorkshire Banks, said they have continued to offer both 95% and 90% LTV mortgages while many others withdrew these products.

‘This research shows that it is still challenging to take the first step onto the property ladder and many are now aiming for a larger property as their first home as they believe this is a good investment for the future,’ he added.

Lisa Gaughan, 30, recently took her first step onto the property ladder with a Clydesdale Bank First Time Buyer 90% LTV mortgage. Credit Controller Lisa got the keys to her first home which she is planning to move into with her boyfriend, Gerald McManus, in December 2013 and is currently renovating the property before moving into the home in March.

Having lived with her parents up until now, Lisa has bought a traditional three bedroom semi detached house in Mosspark Drive in the south side of Glasgow for £105,000 having saved her £15,000 deposit over a year and a half and then spent almost eight months searching for her dream home.

‘I was very pleased with the service and product provided by Clydesdale Bank. The mortgage adviser was brilliant. I simply gave her the information on my chosen property and she took it from there, turning everything around quickly and efficiently,’ she explained.

Couple James and Sarah Seabury recently took their first step onto the property ladder with a Yorkshire Bank First Time Buyer 95% LTV mortgage and moved into their new home in November 2013 just in time for Christmas and the arrival of their new baby daughter, Alice, who was born on New Year’s Day.

Having previously lived in rented accommodation, James and Sarah purchased a four bedroom modern semi detached house in Houlsyke Close in Sunderland for £140,500 after paying a 5% deposit of £7,025 on the property which had taken them around two years to save. 

The couple went to Yorkshire Bank for an initial consultation with a mortgage adviser as they were aware that the Bank was one of the only lenders offering 95% LTV mortgages to First Time Buyers.

James and Sarah knew the area of Sunderland they wanted to buy in and so following their mortgage meeting which determined the level of loan they were able to borrow, it only took them a few months to find their dream home.

‘We went to Yorkshire Bank for a mortgage as they were one of the only Banks offering the type of mortgage we were looking for. Our mortgage adviser was extremely helpful, explaining everything we needed to know. He contacted us via email to speed up the process, keeping us informed when to expect documents in the post and guiding us through what we needed to return,’ said James.

‘Our original 90 day mortgage offer had just expired by the time we found the house we wanted to buy but the mortgage adviser was able to seek re-approval of the offer in order that we could purchase the property. It was definitely the mortgage adviser who made the whole process a lot simpler and less stressful for us,’ he added.