Tenants in the UK who are saving for a deposit to buy their first home are more prepared than ever before to make sacrifices in terms of where they live in order to get onto the property ladder, it has been claimed.
In recent reports, it was stated that location still remains the number one consideration made by buyers when they purchase their property, but according to online letting agent PropertyLetByUs, this is not strictly true when it comes to first time buyerswho often compromise on where they will live.
The research from the company claims that two-thirds of people are saving for a mortgage while they live in a rented home and are prepared to move away from their friends and family so they are able to afford to purchase their first property.
On top of this, as many as 46 per cent believe they will need to move to a cheaper area of the country in order to afford to buy.
“Savvy tenants recognise that they may have to look further afield for properties they can afford. Many are prepared to move to areas that are some distance from their friends and families,” said Jane Morris, the firm’s managing director.
“What is clear is that the majority of tenants still aspire to purchase a property but many tenants recognise that they will have to make sacrifices and compromise, so they can afford to buy a home of their own,” Ms Morris added.
She also said, however, that tenants are now staying put in their rental homes for longer than they have done in the past, with many seeing it as an opportunity to save more money and get themselves a better home when they do choose to buy.
At Belvoir, we stay in touch with our tenants and are pleased to see we are their first point of call when considering taking steps to get on to the property ladder. If you’re planning your first move, call us on 0151 231 1613 to discuss your requirements.
