FTBs choose lifestyle purchase

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Over half of first-time buyers (FTBs) consider proximity to their place of work the most important factor when choosing their first home, a new report reveals.

The study, from Alliance & Leicester Mortgages, states that 51 per cent of FTBs think of living close to their place of work as crucial to their house purchase decision, while a further 34 per cent consider good transport links vital.

Only 28 per cent rate closeness to friends and family as vital - while just 17 per cent think of proximity to good nightclubs and shops as the most important factor in their decision.

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

"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."

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