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First time buyers set sights on houses

First time buyers are targeting family sized homes instead of small flats as their first property purchase.

That’s according to new research from the Yorkshire Building Society in its First-Time Buyers Report.

It found that:

Almost a third (32%) of those questioned were holding out for a detached house which they would stay in for the long-term

Nearly half (49%) would consider a semi-detached home

Less than a quarter (24%) said they would be happy to end up with a studio apartment or small flat

According to the building society, one of the main reasons for looking for a larger ‘forever’ home was the high cost of moving up the property ladder, including stamp duty.

It says that with many people buying their first home later in life, some buyers seem to be focusing on homes which will suit their needs for longer.

The report also found that a quarter (25%) of aspiring buyers estimate they will have been saving for at least five years by the time they have bought their first home.

And 10% think they will have been saving for over a decade.

The survey questioned more than 900 people who are expecting to buy in the next 12 months.

Opening Doors aims to encourage the construction of a mix of good quality housing in north, south and west Dorset – including flats and houses of different sizes.