Aspiring buyers are spending an average of six years saving for their first home, as they hold out for properties that better align with their long-term lifestyle goals rather than simply getting onto the property ladder as quickly as possible.
New research from Mortgage Advice Bureau reveals today’s first time buyers are increasingly prioritising space, energy efficiency, and location when searching for a property, with many
prepared to delay their purchase in order to secure a home better suited to their future plans.
The research found that:
- 45% say their biggest motivation is finding more internal or external space for a growing family
- 43% prioritise energy efficiency and lower monthly running costs
- 38% want central living and proximity to urban amenities
- 35% are attracted by the potential to add value and customise a fixer-upper
- 29% prioritise access to top school catchments or specific communities
The findings also reveal a near-even split in what buyers expect their first property to be, with 50% expecting to purchase a flat and 48% planning to buy a house.
Among those expecting to buy a flat:
- 22% say it will be a new build flat
- 18% expect to purchase an existing property
- 10% are considering a renovation project.
Meanwhile, among those expecting to buy a house:
- 23% say it will be a new build property
- 23% expect to buy an existing property
- 2% are considering a renovation project
However, the motivations behind those choices differ significantly. Buyers planning to purchase a house are more likely to prioritise space, with 51% saying more internal or external space for a growing family is their key motivation, compared with 39% of buyers planning to purchase a flat.
Meanwhile, buyers opting for flats are more focused on location and connectivity, with 35% citing access to specific communities, schools or urban amenities as a key factor, compared with 23% of house buyers.
The findings suggest many aspiring buyers are increasingly viewing their first property as a long-term lifestyle decision rather than a short-term stepping stone.
Rachel Geddes, Strategic Lender Relationship Director at Mortgage Advice Bureau, said:
“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.
“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, Head of Strategic Partnerships, Barclays, commented:
“We know first time buyers face real barriers, which is why support-based solutions are so important. 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, Senior National Account and First Time Buyer Lead, Skipton Building Society, added:
“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.
“Supporting people onto the housing ladder is central to Skipton Building Society’s purpose, and 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.”
