According to survey, majority of UK’s first time buyers opt to buy a house instead of a flat. More people prefer a place to be called home equipped with the necessary small bathroom furniture, living room fixture, appliances and bedroom furniture.
In accordance with tradition, people tend to begin to buy flats, progress to the next step and buy a house. However, the tide has shifted today and first time buyers think the other way.
The research that was published by the Clydesdale and Yorkshire Banks showed that 72 percent of people who are first time buyers want to purchase a house. This figure significantly rose from last year’s 57 percent.
Twenty-eight percent of those surveyed said that they will prefer a flat within the year. The number is down from 48 percent last year.
The director of the retail banking who headed the research, Steve Fletcher, said in a statement that their research considered the various changing expectation of the surveyed first time buyers. Other factors that were considered were the ages of people who were entering the property market. A study was also conducted on the impact of the type of home preferred by the first time buyers who were used to staying in their parent’s houses for a longer period of time.
According to the research, only Londoners were opting flats when making their first decision in the ladder of property owning. The research considered the high prices that come with owning properties, availability of houses and the different challenges encountered by buyers when purchasing a house in London.
The market in London was in complete contrast to the result of the survey conducted in Yorkshire and Midlands where more than 90 percent of the first time buyers preferred a house than living in an apartment or flat.
Fletcher added that their company is able to recognize that every person has different needs and requirements. Clydesdale and Yorkshire Banks focuses in extending help to their customers so that they can buy the property that they have long been dreaming. They also give the liberty to their clients to decide in which location they want to own their house and flats and the amenities that comes with it.