First-time buyers want to be near work

New buyers are more likely to choose properties that are in close proximity to their place of work, with reports showing that young professionals prioritise an easy commute when choosing where to purchase.

Research out by Alliance and Leicester reveals that more than half of all first-time buyers (FTBs) would prefer to be near work as opposed to friends and family, while 34 per cent also identify good transport links as a main consideration.

One idea proffered by Stephen Leonard, director of mortgages at Alliance and Leicester, is that young professionals are seeking to minimise transport costs when budgeting for a move, leading them to focus on location.

"Clearly choosing the right location is key to long-term happiness in a new home, but buyers should also be careful not to over-stretch their budgets and may opt for a short commute to work to help keep costs down," he explains.

Figures from the National Housing Federation suggest that the average property in the UK will cost £300,000 in the coming five years.

© Adfero Ltd