New research shows aspiring homeowners are being more selective about their first purchase
First-time buyers are taking an average of six years to save for their first home, with many delaying their purchase to secure a property that fits their long-term lifestyle needs rather than simply stepping onto the property ladder at the earliest opportunity.
Research published by Mortgage Advice Bureau (MAB) found that space, energy efficiency and location are the primary considerations for today's first-time buyers. Forty-five percent cited more internal or external space for a growing family as their chief motivation, while 43% prioritised energy efficiency and lower running costs. A further 38% wanted proximity to urban amenities, 35% were drawn to properties with potential to add value, and 29% placed weight on access to specific school catchments or communities.
The survey revealed an almost equal split in property type expectations: 50% anticipated buying a flat and 48% a house. Among those planning to buy a flat, 22% expected a new-build, 18% an existing property and 10% a renovation project. Among prospective house buyers, 23% each expected to buy a new-build or an existing property, with just 2% considering a renovation.
Priorities differed notably between the two groups. House buyers were more likely to cite space as a key factor, at 51%, compared with 39% of flat buyers. Those opting for flats, meanwhile, were more focused on location and connectivity, with 35% highlighting access to communities, schools or urban amenities, against 23% of house buyers.
"First time buyers are spending longer saving compared to previous generations, so many are being far more deliberate about the type of property they choose and the lifestyle they want their first home to support," said Rachel Geddes (pictured right), strategic lender relationship director at Mortgage Advice Bureau.
"While saving for a deposit remains one of the biggest challenges, many buyers are unaware of the schemes, mortgage products, and affordability options that may already be available to help them achieve their homeownership goals.
"Speaking to a mortgage broker early - even if you're only starting to think about buying your first home - can help buyers better understand what they can realistically afford, identify lenders best suited to their circumstances, and potentially get onto the property ladder sooner than they expected."
Victoria Thompson (pictured right), head of strategic partnerships at Barclays, pointed to support-based products as one means of addressing the barriers buyers face. "We know first time buyers face real barriers, which is why support-based solutions are so important," she said.
"Designed to help buyers onto the property ladder sooner, springboard mortgages allow buyers to borrow up to 100% of a property's value by linking their mortgage to a friend or relative's savings. This type of mortgage can be a valuable option for potential homeowners who might otherwise struggle to secure a traditional mortgage due to a lack of sufficient deposit.
"It also enables family members to help in a significant way without permanently parting with their savings. Where suitable, responsible, and with expert advice, it can offer a practical and efficient route to homeownership."
Aidan Walker (pictured right), senior national account and first-time buyer lead at Skipton Building Society, highlighted the growing complexity of the path to ownership. "As Mortgage Advice Bureau's research highlights, the journey to homeownership is becoming longer and more complex, making expert mortgage advice more valuable than ever," he said.
"With renters facing the dual challenge of rising rental costs and saving for a home, track record mortgages are one of several potential solutions that focus on a buyer's history of rental payments without the need for a traditional deposit. However, not everyone is aware of the range of routes available to support different circumstances, or whether they may be suitable for their individual situation.
"Engaging with a broker at the start of the homebuying journey can help identify the most appropriate route to homeownership, ensuring decisions are aligned with their financial position and future plans."
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