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Survey Reveals Must-Have Features For First-Time Buyers

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Renters have revealed the must-have features for their first owned home – with a garden, double glazing and high-speed broadband topping the list, research has revealed.

A survey of 1,000 tenants revealed they would happily move up to 20 miles if it meant they could get onto the property ladder.

But before putting down their deposit, they would want to find a home with an allocated parking space, separate toilet, en-suite bathroom and a new boiler.

And 12 per cent said they would like a home office - a sign of how society has changed over the past six months.

However, while 81 per cent of those surveyed aspire to own their home, 68 per cent fear they’ll never be able to afford to.

The research, commissioned as part of Shared Ownership Week which aims to help people with smaller budgets get on the property ladder, revealed the average tenant has been renting for 10 years and has more than £13,000 saved towards a deposit.

A spokesperson for Shared Ownership Week said: “The situation this year has changed our outlook on life and with people spending more time at home.

“As a result, it seems things like high speed broadband and an outdoor space are now among the most important features.

The survey of tenants who live in London and the south east also found that a detached home just pipped an apartment to the most desirable type of property, with two bedrooms the optimal figure for most.

Location is the most important factor when looking at a first home, followed by affordability and size.

But 62 per cent would compromise on the location if it meant being able to own a home, while 60 per cent would settle for a smaller property than they'd really like.

It also emerged just 28 per cent of the respondents knew if they were eligible for a shared ownership property, which typically involves buying a 25 per cent share of a new build.

And in a separate nationwide study of 1,000 Brits, carried out via OnePoll, almost three quarters (73 per cent) said they had heard of shared ownership.

But only six in 10 (61 per cent) think everyone should aspire to own their own home, with 47 per cent believing renters should be encouraged to buy a property under shared ownership to get onto the property ladder

Shared Ownership Week, which runs from September 17-23, is a festival of virtual events, expert advice and real life stories to help people understand the home ownership scheme that has already helped thousands onto the property ladder.

Find more information at https://sharedownershipweek.co.uk/

Must haves for first time buyers:

1. Garden
2. Double glazing
3. Allocated parking space
4. High-speed broadband
5. Separate toilet
6. En-suite bathroom
7. New boiler
8. Open-plan kitchen and living room area
9. Balcony
10. New appliances
11. Cupboard for vacuum, ironing board etc
12. Garage
13. Power shower
14. Office space
15. Hallway
16. Kitchen island
17. Utility room
18. Dishwasher
19. Walk-in wardrobe
20. In-built fridge freezer

Source : Shared Ownership Week

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15 September 2020

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Insight provides a host of information I need on many of our company’s largest customers. I use this information regularly with my team, both at a local level as well as with our other international operations. It’s extremely useful when sharing market intelligence information with our corporate office.

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Paul Boyce - European CEO, QEP Ltd.
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