25 Jun

First-time buyers attracted by houses

First-time buyers attracted by houses

A new survey has found that a large number of first-time buyers are looking for a house rather than a flat.

Research conducted by Clydesdale and Yorkshire Banks found that 72 per cent of first-time buyers are keen to purchase a house - compared to 57 per cent in 2014.

Traditionally, those stepping on the property ladder have purchased a flat before eventually moving on to a house, but it would appear this is changing in many areas.

"Our research has underlined the changing expectations of first time buyers and a combination of factors such as people entering the property market at an older age and homeowners staying in their home for a longer length of time is having an impact on the preferred type of home for first time buyers," said Steve Fletcher, director of retail banking.

The survey also discovered that the high prices in the capital means first-time buyers in London are still largely limited to purchasing flats rather than houses, especially as the availability of housing stock remains limited.

Research from Halifax recently concluded that Kensington and Chelsea is Britain's most expensive area with an average price of £11,635 per square metre - almost six times the national average of £2,033.

Overall 16 areas, all in the capital city region, have an average price of more than £5,000 per square metre.ADNFCR-1222-ID-801792323-ADNFCR

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