More than half of all first-time buyers cite location as the most important factor when buying a house.

Of the first-time buyers questioned by the Alliance & Leicester, 51 per cent stated that living near to their place of work was the greatest draw of a prospective property.

In comparison, just 28 per cent said that living near to family or friends would influence their choice of a new home,

The studies also found that one third of buyers look for good transport links when buying a house.

"Many first-time buyers are obliged to look closely at their priorities and overheads when they move," said Stephen Leonard, director of mortgages at Alliance & Leicester.

"Clearly choosing the right location is key to long-term happiness in a new home, but buyers should also be careful not to over-stretch their budgets and may opt for a short commute to work to help keep costs down."

According to the Council of Mortgage Lenders (CML), the average first-time buyer would need a pay rise of at least 50 per cent in order to be able to afford a mortgage.