First-time buyers keen to get on to the housing ladder are willing to make compromises about their first home – including having no natural light and no kitchens.
Research by Your Move and Reeds Rains, both part of LSL, found that 11% of first-time buyers felt kitchens were not vital in a new home.
Over half (51%) said natural light was not vital, 46% said they could do without a garden, and 45% would sacrifice a garage if it helped save costs.
* The Mortgage Advice Bureau says the forthcoming Help to Buy ISA could help a first-time buyer couple build up a deposit in just 15 months – ten months faster than if they were saving without the scheme.
The new ISA will chip in £50 for every £200 saved by individuals. According to MAB, the average deposit needed by a first-time buyer is £9,936.
Under the scheme, a couple where both had Help to Buy ISAs would need to save up only £7,949 with the Government contributing the rest.
“…11% of first-time buyers felt kitchens were not vital in a new home.”
I think they’ll find that lenders take a slightly more pragmatic view…
As for the rest of it – the thing about this that has me dumbfounded is that LSL simply state the perfectly frickin’ obvious that we’ve all known be the case for decades, call it “research”, and manage to get it published.
Unbelievable.
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