First-timers think big when buying a house

FIRST-TIME buyers are aiming high when it comes to the size of house they want to buy, according to new research from Yorkshire Bank.

Almost a third (29 per cent) of first-time buyers surveyed by the bank are setting their sights on buying a three-bedroom house.

Some 22 per cent are aiming for a two-bedroom flat, and a fifth (20 per cent) said they would like to buy a two-bedroom house.

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According to the study, first-time buyers in the Midlands are the most likely to buy a three-bedroom house, compared with just 18 per cent in Scotland, where the largest percentage (53 per cent) said they would choose a flat.

While first-time buyers are looking to move into larger properties, they said they are also planning to stay in their first home for a number of years. The majority of those buying a new home (56 per cent) said they were the sole owner, while 42 per cent bought jointly with a partner or friend.

When it comes to sharing space, it seems that men prefer to live on their own, with 72 per cent claiming to be searching for a bachelor pad. In comparison, just over half of the women surveyed (56 per cent) said they were planning to live alone.

However, finance was still a concern, with 54 per cent of respondents worried about getting a mortgage. More than two fifths (44 per cent) of those surveyed admitted they were concerned about saving the necessary deposit.

The research was conducted on behalf of Clydesdale Bank, and its sister organisation Yorkshire Bank, by Opinion Matters.