Most people making compromises when buying their first home

Survey reveals the most common sacrifices homebuyers have to make

Most people making compromises when buying their first home

Almost nine in 10 (88.8%) first-time homebuyers have to make certain compromises to get on to the property ladder, a study by mortgage comparison website money.co.uk has found.

The platform surveyed 1,000 UK adults who have recently bought their first home to find out what the most common first-time buyer compromises are.

Topping the list was purchasing a home that is in need of renovation, with 37.9% willing to put in some extra work after moving in.

Second and not too far behind was moving away from family, with 36.5% of respondents choosing to relocate further from loved ones to afford their own property. Those who are younger were the most willing to move away from family, with 46.6% of 18- to 24-year-olds, saying that they would do so to purchase their own first home.

The third most common compromise that first-time buyers were willing to make was making a longer commute, with 36.2% having to travel further to get to work. Noticeably, the only group to say their main sacrifice was accepting a longer commute was those aged 45 to 55 (41.49%).

Read more: Majority of prospective buyers delay home purchase plans, study finds.

Meanwhile, only 6.1% of people surveyed said they expected to stay in their first homes forever.

Three-quarters of the people surveyed said that they had been forced to look elsewhere due to house prices being too expensive in their preferred area, with only 8.7% saying they managed to buy a house in their ideal location.

More than a third (38.3%) said 10 miles was the maximum distance that they would be willing to relocate. The youngest age group – the 18- to 24-year-olds – were most likely to show some flexibility on distance as they were willing to move up to 20 miles.

To save for a deposit, the most common compromise respondents made was not going on holiday (56.2%), followed by sacrificing takeaways and meals out (52.8%) and purchasing new clothes (47.4%).

When asked whether compromising was worth it to ensure that they secured a home, 92% of the respondents answered in the affirmative, suggesting that those who have to make compromises don’t regret their decisions in doing so.