First-time buyers have been urged to manage their expectations after research from Yorkshire Building Society revealed that four-in-five (79%) believe their first home will meet all of their needs and two-in-five (42%) think their first home will be their last.
The Housing Britain report, which explores the barriers to home ownership at every stage of the property ladder, found that whilst first-time buyers have high expectations for their first home, the reality they face differs as their lives evolve.
The report found that 62% of second steppers – or those living in their first and looking to buy their next property – said their home meets only some or none at all of their needs, with size named as the main issue (47%), followed by location (29%) and their home not being energy efficient enough (25%).
Of those who did not expect their next property purchase to be their last, 30% expected to own three homes over the course of their lifetime – while a fifth (19%) said they expected to own four and 17% said they expected to own five or more, further supporting the reality that first-time buyers are unlikely to find their forever home at the first time of asking.
