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First-time buyers 'stay close to parents' homes'

16 July 2007
With millions of potential first-time buyers having to stay at home with mum and dad for longer before they can afford to move out, it's no surprise that many do not go far when they do.

Research from home insurer Zurich has found that 60 per cent of first-time buyers do not move more than 20 miles away from their family home when they get their own place, while one in seven move less than a mile away.

In the same survey, the insurer found that many people claimed the main reasons for staying in the same area as their parents was help with their new homes and DIY.

Martin Hall, head of personal lines underwriting at Zurich Insurance said: "Buying your own home is one of the biggest changes people encounter.

"Our research shows that people are making the move onto the property ladder, but aren't quite ready to fully cut the apron strings."

However, he added that it is "quite concerning" that people moving out are not considering the insurance needed on a new home.

"Many are neglecting to have contents insurance to protect their property," said Mr Hall.

"With so many things to consider when buying a property, and when you're new to the game it can all be a little overwhelming, but making sure you're covered is one of the most important aspects."

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