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Sacrifice space for place on housing ladder

Thursday, 23 August 2007 12:00 AM

The number of first-time buyers willing to compromise on space has doubled from 12 to 27 per cent over the last thirty years, a report by GE Money Home Lending reveals today.

This includes sacrificing formerly essential features, including gardens, garages or even the number of bedrooms.

"The fact that more and more first time buyers are compromising their desires in a first home in order to get on the property ladder can largely be credited to economic factors such as rising house prices," said Gerry Bell, head of mortgage marketing at GE Money Home Lending.

"However many are also delaying their purchase of a first home for lifestyle choices."

While just seven per cent compromised on the type of property purchased in 1970 this has increased to 23 per cent today according to the report.

This group have lowered their aspirations from owning a house to purchasing a flat or another type of property.

And most worrying of all, the number of first-time buyers who did not compromise on either the type of property purchased or the amount of space in a property has fallen by a third to just 20 per cent.

"Faced with other factors such as student debts and increasing interest rates, some are finding that they are making compromises in the type of home they wish to purchase, such as size and location, in order to fulfil their home buying aspirations," concluded Mr Bell.

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