Bradford & Bingley reveals first time buyer compromises

31 May 2005
Many first time buyers are having to compromise, settling for second best rather than the home they really want, according to a report from Bradford & Bingley.

The building society's First Time Buyer Report reveals that the vast majority - nine out of ten - of first time buyers fail to get the home they want, with half having to settle for something cheaper.

Another third has to compromise on location to find a home, with 28 per cent moving further out of town, and 14 per cent having to scale down and compromise with something smaller.

"First time buyers are finding it increasingly difficult to afford the property they want in the location they want," commented Duncan Pownall of Bradford & Bingley.

"Of course, a degree of compromise is often required and first timers need to be flexible. However, due to soaring house prices in recent years many are disillusioned with the type of properties available to them and finding they are having to compromise more and more in order to be able to step onto the property ladder."

However, first time buyers could have more bargaining power than they realise, and Bradford & Bingley is advising first-timers to negotiate more as the market softens.

Mr Pownall added: "While it was not always possible for purchasers to negotiate when the property market was at its most buoyant, now the market is softening there is less excuse.

"With the ability to move quickly and easily first time buyers are in a really strong position so it's crucial they take advantage of it."

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