Affordability is the top priority for first time buyers in London
First time buyers have put affordability at number one priority when it comes to making that very exciting first purchase. This is hardly surprising when you take years of savings, decades of mortgage repayments ahead and all of the other outlays into consideration.
When buying your first property it can just be about owning your own space. Making your own mark on somewhere rather than asking your landlord for years to paint the living room and discovering when it is done that conifer green really doesn’t match your belongings. Putting your own stamp on what is yours is the key. Even if it isn’t exactly rolling meadows and grand entrance halls.
Acceptable sizes for first property sales
When it comes to size, there are it seems different levels of acceptability. Tastes differ from region to region. In the North East of the country 31.3 square metres is considered acceptable living space for a first time buyer. England as a whole on average however, would like a minimum of 34.3 square metres for their first property. In Scotland the lower threshold is at 33.5 square metres and in Wales they are swimming in space at 36.7 metres squared. This is per property, not per person.
If you look at the average house size in the UK of 90 square metres you can see just how much the first time buyer is willing to compromise. Things like location and local amenities are more important than floor space.
Lifestyle choices of first-timers
Let’s be realistic and fair. Yes, properties on the whole are 20% smaller now than they were in the 70’s. But first time buyers have always started small for the most part. With statistics showing 20% would actually forego natural light it really shows how aware we are that if we are lucky enough to be in a position to buy then small really is wonderful. Getting onto the first rung is good. You can’t climb if you aren’t on the ladder.
Thinking of buying a home in Hayes?
If you are on the lookout for that perfect property and would like to see what we have available or coming soon please get in touch with us now. We have properties to suit everyone on our books in Henry Wiltshire Hayes.