First-time Buyers
First-time buyers shun flats
Buyers making their first leap onto the property ladder would rather live in a house than a flat, new research has suggested.
Data published by Clydesdale and Yorkshire banks showed that 72% of first-time buyers in the UK wanted to own a house as their first property.
This is significantly higher than last year when 57% of people prioritised a house over a flat.
During the same period the number of people the number of people preferring a flat fell to 28% from its previous level of 43%.
On a regional basis, Londoners are forced to purchase flats due to lack of supply and the high prices houses command.
Only 37% of people in London believe a house is a realistic prospect. This compares to 92% of those surveyed in Yorkshire and 90% in the Midlands.
The North East was the next most popular location for flats, although more people (56%) still wanted houses.
Steve Fletcher, director of retail banking, said people were remaining in properties for longer and this was having an impact on the supply of homes.
“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,“ he said.
Preferred type of property:
| Type of Property | 2015 | 2014 |
| Three bedroom house | 38% | 32% |
| Two bedroom house | 32% | 22% |
| One bedroom house | 2% | 3% |
| Three bedroom flat | 3% | 11% |
| Two bedroom flat | 17% | 24% |
| One bedroom flat | 8% | 8% |