FTBs look to renovation

More first time buyers are prepared to compromise on the location of their home and then add value to the property via renovation and extensions, Yorkshire Bank has revealed.

A survey conducted by the bank found that almost one in three first time buyers (30 per cent) are prepared to live in a less fashionable area, with 37 per cent saying they were considering extending or converting their home in order to add bedrooms through self-build rather than buying a bigger house to begin with.

One in five first time buyers expect prices to rise 'significantly' over the next year, the study added.

"It's crucial first time buyers don't overstretch themselves when buying their own home so they avoid potential financial struggles," commented Yorkshire Bank head of retail Gary Lumby.

"It's sensible to see that many first time buyers are considering properties and postcodes that may not normally be at the top of they're viewing list but could benefit them financially in the future," Mr Lumby added.

Research from GE Money Lending published last month found that 27 per cent of first time buyers have compromised on space when buying a home this year.


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