First-time buyers 'sacrificing space'

First-time buyers are increasingly being forced to compromise when it comes to space and other issues so that they can afford to buy their first home, a study from GE Money Home Lending has found.

With available land at a premium in many areas, the study found that 23 per cent of first-time buyers purchasing property this year were unable to buy a home with as much outside space as they would have liked.

This compares to just six per cent who compromised in 1977, according to the research, which was conducted in collaboration with the Future Foundation.

"It is clear that many compromises are being made by first time buyers to get on the property ladder in terms of space and environment," commented Gerry Bell, head of mortgage marketing at GE Money Home Lending.

"What we must ensure is that first time buyers are not making sacrifices in terms of affordability when buying their first home and that they are offered affordable products tailored to their needs," Mr Bell added.

First-time buyers currently pay an income multiple of 3.37 times their salary in order to take out a mortgage, the Council of Mortgage Lenders recently revealed.

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