FTBs choosing houses over flats
72% of first time buyers in the UK are now setting their sights on owning a house rather than a flat, according to research from Clydesdale and Yorkshire Banks.
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The numbers are up considerably from last year when only 57% of first time buyers said they wanted a house rather than a flat. The 28% who said they preferred a flat this year is significantly down on 2014 when 43% of UK first time buyers were aiming to buy a flat rather than a house.
The research also highlighted that only Londoners are opting for flats when taking their first step onto the property ladder, reflecting the high property prices, availability of housing stock and distinct challenges of buying a home in the capital.
The London market shows a stark contrast to the 92% of those surveyed in Yorkshire and 90% in the Midlands who wanted a house rather than sampling apartment living.
Steve Fletcher, Director, Retail Banking, said:
“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."
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