A growing number of first-time buyers are willing to move to unfamiliar areas, with affordability being a primary factor in their decision.

According to a recent survey by Santander UK, 67% of first-time homebuyers in the past two years have moved to neighbourhoods they were unfamiliar with. This marks a significant increase compared to just 51% of buyers who relocated to new areas over five years ago.

The research highlights that moving to a more affordable location and being further from family and friends were common compromises among first-time buyers seeking a foothold on the property ladder.

Actor Ryan Thomas, known for his role in Coronation Street, shared his personal experience of moving from Manchester to Brentwood, Essex, a place he hadn’t known before. Despite the initial challenges, Thomas adapted by connecting with locals and exploring the area’s attractions. He remarked, “Moving to an unfamiliar area can be daunting, but it opens up a whole new world, full of adventure.”

The survey, which polled 2,000 first-time buyers, revealed that 36% of participants moved to less expensive areas, while 24% struggled to find suitable properties within their preferred neighbourhoods. The data also indicates that buyers are now moving further away from their previous locations, a trend that has grown in recent years.

Graham Sellar, Head of Mortgage Development at Santander, commented: “Location is becoming the top compromise for many first-time buyers. Whether it’s due to unaffordable areas or the desire to get better value for money, buyers are increasingly willing to look further afield.”

The survey’s findings coincide with property platform Zoopla’s recent data showing that homebuyers are now paying a higher proportion of the asking price. In June, buyers paid an average of 96.8% of the asking price, the highest figure in 18 months, with house prices rising by just 0.1% year-on-year to £265,600 on average.

Zoopla also expects UK house prices to increase modestly in the latter half of 2024, driven by an increase in homes for sale. Richard Donnell, Executive Director at Zoopla, noted a growing confidence among buyers and sellers, with more homes on the market, despite continued affordability challenges.