Large Percentage of First-Time Buyers Stay Local

Posted: 2 October 2012 by Higgins Homes

mum and dad bank

As the old saying goes 'the apple doesn't fall far from the tree' and when it comes to first-time buyers this would appear to be the case. A large percentage of homebuyers are choosing to stay close to their childhood homes when taking their first steps on the property ladder. Aviva's recent Family Finances Report revealed that 38% of first-time buyers in the UK had moved no further than 5 miles away from their family home, with one in ten moving under a mile away.

Results showed that the average distance most first-time buyers had moved from the house they grew up in was only 3.5 miles, although figures also showed that many buyers didn't even make it that far, choosing to live in the neighbouring street. The report suggests that the main reason people aren't moving far from their roots is because they "love the area they grew up in", however staying in the immediate vicinity of their job was also a common factor for people when it came to buying their first home. Are you thinking of making your first steps on the property ladder? - Visit today!

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