Principality. Where home matters.

First time buyer

10 October 2016

New survey by building society reveals first time buyers would rather live closer to work than family

Whether we’re dashing to meetings or checking work emails on our smartphones before we’re out of bed in the morning, Britain is becoming a nation of ‘workaholics’. Research by Principality Building Society released today supports this view, revealing that first time buyers would rather live nearer the office than their family. 

In a survey polling 2,000 first time buyers across England and Wales – dubbed ‘First Time Triers’ by Wales’ largest building society – unsurprisingly location ranked as the most important factor to three quarters of first time buyers surveyed (75%). 

Results showed that over a fifth (21%) of prospective homeowners would compromise living near to their family over proximity to work (15%), suggesting that popping into the office is easier than getting to family get-togethers. 

The results also showed that first time buyers would even put proximity to shops (14%), transport networks (12%) and being close to a city (13%) over being able to nip over to mum and dad’s quickly. 

Principality Building Society’s Customer Director Julie-Ann Haines said: “First time buyers are working harder than ever to make sure they’ve got money in their pocket to afford and secure a house. We’re pleased to see that these future homeowners understand the realities of buying a house and are willing to make compromises on the way to putting that deposit down. It seems these first time buyers would rather be late for lunch with the family than a 9am meeting. We wish them luck telling their mums!” 

To help this nation of first time buyers Principality Building Society has launched First Time Trier, a toolkit aiming to break down the barriers and put the fun back into buying your first home. The hub contains easy to understand advice and information on every stage of the home buying process. You can find this on the website www.principality.co.uk/FirstTimeTrier or on Twitter @FirstTimeTrier.

Published: 10/10/2016