One in five young buyers is willing to move more than 25 miles away from where they live to get on or move up the property ladder.Analysis by Barclays showed that young buyers, often first-time buyers, were more willing to sacrifice a high-quality and safe neighbourhood if it meant they could buy a cheaper home. Price was the most important factor for 18 to 29 year-olds looking to buy a home, while just 17 per cent prioritised the safety of the neighbourhood.Meanwhile, older buyers (aged between 62 and 80) were more likely to accept a property in a worse condition if it meant they could get it more cheaply. They were not willing to settle for second best when it came to the garden, however, with just eight per cent saying they would sacrifice outdoor space for affordability. This was compared to 18 per cent of 18 to 29 year-olds. Sacrifice: Young buyers are often more willing to sacrifice a high-quality and safe neighbourhood if it means they can buy a cheaper homeJatin Patel, head of mortgages, savings and insurance at Barclays, said: 'Adaptability has become the hallmark of the modern buyer. 'First-timers remain constrained by affordability but will be flexible to achieve their goals, making trade-offs on location or property features to get on the ladder.'Buyers put down smaller deposits Average deposits across all age groups fell by 16.4 per cent to £57,209 in the year to May, according to Barclays. London recorded one of the sharpest drops in deposit size, down 27.2 per cent to £136,057, while the South East and East Anglia also saw a significant decrease. In East Anglia, the average deposit required fell 23.5 per cent from £72,014 to £55,063. Meanwhile in Scotland the average deposit fell 14.5 per cent from £45,166 to £38,606 year-on-year. House prices have fallen slightly in some areas, meaning buyers need to put down less for a deposit. In addition, mortgage rates have fallen moderately, meaning some may feel less pressure to put down more cash upfront in order to reduce their monthly payments. As the housing market falls flat, the number of property sales being delayed or facing problems is increasing, according to Barclays. Barclays said 88 per cent of buyers and sellers it surveyed reported a delayed purchase, while 29 per cent had a property purchase fall through. According to Barclays, the average time from the final mortgage offer to completion has increased by 21.7 per cent year-on-year. The most common sticking points cited were conveyancing issues, estate agent delays and difficulty finding suitable properties.Uncertainty is also affecting some households’ plans. One in three consumers said they were now more likely to delay buying or selling because of economic volatility, such as the war in Iran, while a third said they were increasing their savings or cutting back on spending in case their finances become strained in the future. More than 40 per cent of mortgage holders surveyed said they were now more likely to lock in an interest rate for a remortgage early. Often, buyers can lock in a remortgage rate up to six months before their current deal expires, and still retain the flexibility to switch away if rates fall. Julien Lafargue, chief market strategist at Barclays, said: 'The expected reopening of the Strait of Hormuz and the associated drop in oil prices mean that inflationary pressures may be more contained than feared in the coming months. 'This should give the Bank of England some breathing room, allowing the central bank to keep interest rates unchanged for the time being. 'Although any renewed political uncertainty could represent a headwind in the short-term, the picture appears to be gradually improving for the UK real estate market.'The end of 'gazumping'? People buying and selling a home can expect an end to 'gazumping' in a major shake-up aimed at speeding up housing sales.Under Labour plans, legally binding sales agreements will be introduced earlier to stop buyers or sellers walking away at a late stage in the process without a legitimate reason.At present, in England and Wales buyers can be outbid at a late stage of the sale and chains can fall apart months into the process. The planned reforms, first announced in October last year, will be introduced at the end of this Parliament in 2029, the Government announced last week. The government estimates buyers will save about £650 on average.The changes include home buyers receiving more information about properties listed for sale.Sellers and estate agents will be required to share important information about the property including its condition and status in a chain through so-called sales packs.The changes would bring the system in England and Wales more in line with Scotland's, where formally accepted offers are legally binding and sellers must provide home surveys to prospective buyers.Best mortgage rates and how to find them Mortgage rates have shot up again due to inflation triggered by the conflict with Iran reversing hopes that the Bank of England would cut rates. This means those remortgaging or buying a home face higher costs.That makes it even more important to search out the best possible rate for you and get good mortgage advice, whether you are a first-time buyer, home owner or buy-to-let landlord.This is Money's partner L&C can help you with its fee-free mortgage service.> Compare mortgage rates> Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C.This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit.You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes.If you’re ready to find your next mortgage, why not use This is Money and L&C’s online Mortgage Finder. It will search 1,000’s of deals from more than 90 different lenders to discover the best deal for you.> Find your best mortgage deal with This is Money and L&C Mortgage service provided by London & Country Mortgages (L&C), which is authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
Young buyers willing to sacrifice a safe neighbourhood to buy a home
One in five young buyers is willing to move more than 25 miles away from where they live to get on or move up the property ladder, Barclays said.
One in five UK young buyers (aged 18-29) relocate 25+ miles for affordability; average deposits down 16.4% to £57k year-on-year. This article contains no technology or AI relevance and falls outside Warptech News scope. --- **Nota editor**: Questo articolo riguarda il mercato immobiliare UK e non ha elementi tech/AI rilevanti per i nostri lettori (manager IT, CTO, team AI). Non è appropriato per la testata. Consiglio di scartarlo dalla pipeline editorial.









