First-time buyers ''willing to compromise''


Fri 7th Sep, 12:29:30 BST

More first-time buyers are willing to compromise on the location of their home in order to make a good investment, a new survey has revealed.

Yorkshire Bank said that 30 per cent of the 2,000 people it polled were willing to live in a less fashionable area in order to get on the first rung of the property ladder, while 37 per cent of people would like to buy a home they could add value to by adding an extension or making other home improvements.

Gary Lumby, Yorkshire Bank''s head of retail, said that the findings indicated that people "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," he added.

Recently, Department of Communities and Local Government said that new proposals to reform planning permission laws would make it easier for homeowners to make improvements to their property.ADNFCR-1143-ID-18271947-ADNFCR


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