First-time buyers are prepared to compromise on their home in order to get on to the property ladder, a survey showed today.
Three out of 10 first-time buyers said they would be prepared to live in a less fashionable area if it enabled them to buy a property that they could add value to in order to gain equity, according to Yorkshire Bank.
One in five people would even consider buying a property next to a cemetery or railway line if there was potential for it to increase in value.
Around 37% of those questioned also said they would prefer to buy a smaller house that they could add value to by converting a loft, rather than buy a bigger property to start off with.
But nearly a third of first-time buyers said they did not want to take on a larger mortgage than was necessary, while just 18% said they expected house prices to rise noticeably in the coming 12 months.
Gary Lumby, head of retail at Yorkshire Bank, said: "It’s crucial first-time buyers don’t over-stretch themselves when buying their own home so they avoid potential financial struggles.
"It’s sensible to see that many first-time buyers are considering properties and postcodes that may not normally be at the top of their viewing list but could benefit them financially in the future."
• BMRB questioned 2,000 people during June.
