Recent research from Santander UK reveals that 67% of Britons who purchased their first home in the past two years had never visited their new neighbourhood prior to buying. This is a notable increase from the 51% of buyers who did the same over five years ago. This trend underscores significant changes in the priorities and sacrifices first-time buyers are making in today’s housing market.
One of the most striking findings is that many buyers are compromising on location to secure their place on the property ladder. According to the study, 60% of first-time buyers moved to areas they had never heard of before purchasing. This shift often involves choosing properties with fewer bedrooms, smaller gardens, or even those needing renovation. For many, this is the only viable way to afford a home in a challenging market.
Many buyers place home happiness above all else
Moving away from familiar surroundings is another major compromise. A significant 70% of buyers find themselves further from family, while 68% are distanced from friends. This trend highlights the increasing willingness to prioritise home ownership over proximity to loved ones.
Alarmingly, 40% of buyers spend less than two hours exploring an area before committing to a purchase. This compares starkly to the amount of time many spend on leisure activities, such as watching Netflix (23%) or scrolling through social media (21%) in an average week. This hurried approach to understanding new neighbourhoods could have lasting impacts on satisfaction and community integration.
Cost is a primary driver for moving to unknown areas. The study shows that 36% of first-time buyers cited affordability as the top reason for choosing an unfamiliar neighbourhood. Additionally, 24% reported being unable to find suitable properties in their desired locations.
The distance from original locations is also increasing. Last year, Santander mortgage customers moved on average 23% further from their previous addresses compared to the past four years. This trend indicates a growing willingness to expand search areas in the quest for affordable housing.
Buyers can save huge sums by being savvy where they love
Despite the challenges of moving further afield, financial benefits are apparent. First-time buyers who have relocated to new neighbourhoods in the last two years saved an average of £29,000 compared to purchasing in their previous areas. This significant saving highlights the financial advantage of exploring less familiar locations.
For first-time buyers and homeowners, this information underscores the evolving nature of the housing market and the importance of flexibility and open-mindedness when considering property purchases. Balancing location preferences with affordability and long-term benefits is crucial in making informed decisions that will affect future financial stability and quality of life.
Graham Sellar, head of mortgage development at Santander, commented: “There’s a growing trend among first-time buyers to move to neighbourhoods further away from where they grew up, or where they were previously renting. Whether their original area is unaffordable, or they’re deliberately looking to move further afield to get better value for their money, location has become the number one compromise for many first-time buyers.”
Huddersfield is an attractive proposition
According to Rightmove as of the end of July, house prices in Huddersfield are as follows:
“Properties in Huddersfield had an overall average price of £202,298 over the last year.
The majority of sales in Huddersfield during the last year were terraced properties, selling for an average price of £142,238. Semi-detached properties sold for an average of £210,267, with detached properties fetching £371,504.
Overall, sold prices in Huddersfield over the last year were 2% down on the previous year and similar to the 2021 peak of £200,483.”
The same source cites the average price of property for West Yorkshire as being £232,538 while the average price of North Yorkshire property was £290,634. Huddersfield even has a lower average price than South Yorkshire, coming in at £214,420 and East Riding of Yorkshire, with an average price of £209,082.
So, first-time buyers looking for affordability will find Huddersfield has a lot to offer, but they should also see it is a great place to live.
Contact ADM Residential to sell your Huddersfield home in 2024
Anyone who is keen to sell their home in Huddersfield should contact ADM Residential today. We are more than happy to provide you with a property valuation, which is the ideal starting point for anyone looking to enter the Huddersfield housing market with confidence.
This is a busy time of year in the local and national housing market, but we look forward to assisting you. Call on your leading Huddersfield estate agents today for help and guidance in the local market.