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New buyers 'unconcerned by location'

Many first-time buyers are prepared to make sacrifices over location in order to get on the property ladder, new research has claimed.

According to a survey by Yorkshire Bank, 30 per cent of the UK's new buyers are willing to disregard the property market's mantra of 'location, location, location' if it means that they can secure their first home.

This is perhaps because they are already planning to move up the ladder, the report suggests, with 37 per cent saying that they would consider extending or altering their property in order to increase its value.

"Our research shows that first-time buyers are becoming increasingly savvy when it comes to buying their first home," commented Yorkshire Bank's head of retail Gary Lumby.

However, he also warned over the financial pitfalls of the housing market, stating: "It's crucial first-time buyers don't overstretch themselves when buying their own home so they avoid potential financial struggles."

A report from Abbey has stated that first-time buyers in the south of England borrow 31 per cent more to buy a house than their counterparts in the north of the country. Homeowners may like to consider a personal loan.

See how much you could borrow with a home improvement loan from Lombard Direct.

06/09/2007 17:20:48

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