Over half, 54% of potential first time buyers and 51% of recent first time buyers rates gardens as the most important feature.
Among potential first time buyers 36% said living near good public transport was important, 28% rated having a property with low maintenance as important and 26% said living near family was important.
For recent first time buyers 26% said good public transport was important, 36% wanted a property with low maintenance and the same number wanted to live near family.
However, the survey also found that the importance of some other features lessens once people settle in, suggesting compromise could pay off in the long term for potential first time buyers.
For example, while 36% of potential first time buyers see living near good public transport as key, it is far less of a factor for those who recently bought their first home with just 26% rating that as important, which suggests this is a compromise they made and didn’t regret.
While 23% of potential first time buyers say they would be happy to buy a smaller house in a more desirable area, just 9% of those who bought in the last year agree.
Regional differences also apply and 63% of potential first time buyers in London said they rate access to good public transport compared with just 19% in the East Midlands.
In addition, as many people move to the capital for work, they are also the least likely to value living near their families, 17% compared to the UK average of 28%.
First time buyers in the North East are most likely to value a low maintenance property (38%) while those in the South East (37%), Yorkshire (35%) and the East of England (35%) are most committed to living near their families. Londoners (29%) and those in the North West (28%) are most likely to want to buy a smaller house in a more desirable area compared to those in the North East (15%).
‘Many potential first time buyers have a very clear picture of what they want from a first home and may be holding back until the perfect property comes on the market. However, when you compare potential first time buyers’ must haves to those seen as important by people who recently bought their first home, you can identify some compromises which could benefit them long term,’ said Chris Smith, group direct mortgage manager at Yorkshire Building Society.
‘A garden’s appeal remains fixed but living close to public transport becomes less important and views on picking location over property size also change within just a year,’ he added.
He pointed out that the building society is trying to encourage more first time buyers by increasing its overall net mortgage lending compared to the same period last year, with approvals to first time buyers up 32%.
‘As a trusted mutual which exists for the benefit of its customers not shareholders, Yorkshire Building Society is also playing its part in helping people get on the property ladder by offering mortgages with low up front costs and incentives like free valuations designed with first-time buyers in mind,’ he explained.
‘We also have a strong range of savings products for people building a deposit, including an account specifically for first time buyers,’ he added.
