The majority of prospective first time buyers from the South East of England say that they hope to purchase their first home in the same region as they currently live, revealing that they would only want to move within 10 miles of their current home.
- 93% of hopeful Shared Ownership buyers in the South East of England said that they want to purchase their first home in the same region as where they live now.
- The majority (73%) of respondents from the South East said they would only want to move within 10 miles from where they currently live.
- 72% of hopeful Shared Ownership buyers in the South East have had no financial contribution from family members towards their deposit.
- 81% of respondents from the South East would be prepared to pay more to buy a property that comes with private outdoor space.
- The majority of respondents from the South East (29%) expect to live in their first home for 5 – 10 years.
In the survey of over 840 users from the South East of England on sharetobuy.com, 93% of respondents revealed that they are searching for their first home in their current town, unwilling to leave their hometown in order to purchase a property. With location playing a big part in the decision for most first time buyers, 41% of participants stated that they would not be prepared to commute more than 30 minutes for work, and the majority would not pay extra to live near a train station, school or a high street. Eighty percent of respondents, however, confirmed that they would be happy putting more cash down for a home that comes with private outdoor space.
With 79% of those surveyed currently renting or living with family, hopeful Shared Ownership buyers are keen to find a home that they can settle in long-term, rather than a short-term fix for their living situation. Twenty-nine percent of respondents say they expect to live in their first home for five to 10 years, while 26% are looking for their ‘forever home’ – planning to never move again.
Nick Lieb, Head of Operations at Share to Buy, comments: “Unlike many buyers in the capital who are prepared to move across the city to purchase a property, first time buyers in the South East of England are clearly much more attached to their hometown – unwilling to sacrifice location to buy a home. The correlation between first time buyers searching for a long-term home and prioritising staying local also reveals that buyers aren’t just looking to get onto the property ladder, but are buying into their futures. Location is key, and the results from our survey proves that buyers know exactly what they want – and what they don’t want!
Shared Ownership is an increasingly popular choice for first time buyers, and the demand for affordable homes is growing stronger than ever. Having seen over 22,500 enquiries from South East based registrants on the Share to Buy website over the last six months, the region is proving a firm favourite for budding buyers.”
For potential purchasers who are looking to get on the property ladder, Shared Ownership is often much more affordable compared to buying on the open market. The part-buy part-rent scheme enables buyers to purchase a percentage of the value of their home, while paying a reduced rent on the remaining percentage. Deposits and monthly payments are based on the purchased share, rather than the full value of the property – lowering costs and helping first time buyers step onto the property ladder.
Property portal Share to Buy is the UK’s leading independent website for first time buyers, listing over 4,000 Shared Ownership and Help to Buy homes, as well as providing a wealth of independent information and how-to guides for budding buyers.