FTBs 'flexible on location'

Many would-be homebuyers are so eager to get themselves a first-time buyer mortgage and get a foot on the property ladder that they are willing to compromise on the location of their property, according to research.

A survey by Yorkshire Bank reveals that 30 per cent of first-time buyers (FTBs) are prepared to settle for a less-than-ideal location if it enables them to get into the housing market.

One in five people polled said they would consider living next to a cemetery or train line if it meant they would save money on their purchase.

Boosting value by adding extensions or conversions is a popular choice with aspiring buyers, with 37 per cent of people saying they would prefer to live in a property that had potential for improvement.

Gary Lumby, head of retail with Yorkshire Bank, commented: "Our research shows that first-time buyers are becoming increasingly savvy when it comes to buying their first home.

"Although living in a less than fashionable area or a less than perfect house may not be the dream home first-time buyers have in mind, building up equity and adding value can help make their entry to get onto the property ladder very worthwhile."

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