Clydesdale and Yorkshire Banks’ Research Reveals First Time Buyers Opting for Houses Over Flats
22nd June 2015
New research from Clydesdale and Yorkshire Banks has shown that 72% of first time buyers in the UK are now setting their sights on owning a house rather than a flat.
The UK average is up considerably on last year when only 57% of first time buyers said they wanted a house rather than a flat. The 28% who said they preferred a flat this year is significantly down on 2014 when 43% of UK first time buyers were aiming to buy a flat rather than a house.
Steve Fletcher, Director, Retail Banking, said: “Our research has underlined the changing expectations of first time buyers and a combination of factors such as people entering the property market at an older age and homeowners staying in their home for a longer length of time is having an impact on the preferred type of home for first time buyers.“
Preferred Type of Property:
| Type of Property | 2015 | 2014 |
|---|---|---|
| Three bedroom house | 38% | 32% |
| Two bedroom house | 32% | 22% |
| One bedroom house | 2% | 3% |
| Three bedroom flat | 3% | 11% |
| Two bedroom flat | 17% | 24% |
| One bedroom flat | 8% | 8% |
The research also highlighted that only Londoners are opting for flats when taking their first step onto the property ladder reflecting the high property prices, availability of housing stock and distinct challenges of buying a home in the capital.
The London market shows a stark contrast to the 92% of those surveyed in Yorkshire and 90% in the Midlands who wanted a house rather than sampling apartment living.
Regional Breakdown of house v flat:
| Region | House | Flat | Other |
|---|---|---|---|
| UK average | 72% | 28% | <1% |
| Yorkshire | 92% | 6% | 2% |
| Midlands | 90% | 10% | n/a |
| Wales | 84% | 16% | n/a |
| North West | 84% | 16% | n/a |
| East | 82% | 18% | n/a |
| South West | 79% | 19% | 2% |
| South East | 77% | 23% | n/a |
| Scotland | 63% | 37% | n/a |
| North East | 56% | 44% | n/a |
| London | 37% | 62% | 1% |
Steve Fletcher added: “We recognise everyone has their own particular needs and requirements and that’s why at Clydesdale and Yorkshire Banks we focus on helping customers find the best way to buy their dream property, leaving them to concentrate on what matters most to them such as the location and whether it is a three bedroom home or a one bedroom flat.”
Clydesdale and Yorkshire Banks won the ‘Best First Time Buyer’ mortgage award for the second year in succession at the Moneyfacts Awards in London recently. The banks have a range of competitive mortgages including a 90% LTV mortgage fixed at 3.59% for three years and a 95% LTV mortgage fixed at 4.89% for three years*.
For more information, customers can contact their local branch, call 0800 22 24 26 for Clydesdale Bank or 0800 20 21 22 for Yorkshire Bank, or visit our websites: www.cbonline.co.uk or www.ybonline.co.uk
You can find impartial information and guidance on money matters on the “Money advice service” website.
Yorkshire Bank is covered by the Financial Services Compensation Scheme (FSCS), Find out more.