First Time Buyers: Newcastle Survey

If you're engaged no doubt buying a house will be top of your priority, as well as planning your wedding - but if you're a first time buyer you may find this harder than you think.

Why? A recent survey from MADE shows that first-time buyers in Newcastle would be willing to purchase a property of just 31 square meters on average!

A survey of 2,150 (potential) first time buyers was carried out to find out just how small a space renters would be willing to put up with – that is, the minimum floor space they'd be willing to accept in order to get on the property ladder, and made some surprising discoveries: mainly that, on average, first time buyers in Newcastle would be prepared to buy and live in a property that is just 31.3 square meters. That is almost 1/3 of the size of the average property size in the UK (90 square meters), and is the lowest in the country.

Leading online furniture and retailer, MADE, have recently created a nifty online tool which will help homeowners see how to make the most of a small space: https://www.made.com/small-spaces-reimagined/https://www.made.com/small-spaces-reimagined

It covers different rooms and also any outdoor space the owner might be lucky enough to have, with great ideas such as extra shelving, storage, and utilising otherwise empty zones, such as under a staircase.

When the stats are broken down nationally, it is first-time buyers in Scotland who have the lowest 'space threshold' at 33.5 square meters – ie the minimum sized property they'd be prepared to accept. They are followed by first-time buyers in England who's minimum requirement would be properties larger than 34.3 square meters. But it is those in Wales who demand the greatest space, unwilling to tolerate anything less than 36.7 square meters. That sounds positively luxurious by comparison!

The results for England on a regional level are below:

North East: 31.3 square metres
East Midlands: 31.9 square metres
North West: 32.7 square metres
South East: 34.6 square metres
Greater London: 35 square metres
South West: 35.3 square metres
East of England: 35.4 square metres
Yorkshire & the Humber: 35.8 square metres
West Midlands: 37 square metres

Clearly, when space is at a premium, non-essentials are the first to go; when asked which feature the first-time buyers would be prepared to live without, however, those surveyed said an eat-in kitchen (32%) and outside space (21%). 20% would happily forego natural light, while 14% would give up having a bath. 7% wouldn't mind not having a dining area, and another 7% would even be willing to give up having a separate bedroom. And even storage isn't an issue for 44% of first time buyers, who admit to storing belongings at their parents'.

Finally, first time buyers were asked what their priority is when buying their first property: not surprisingly, affordability came top, at 32%, and was followed by space (26%), neighbourhood security (16%), proximity to public transport (10%), proximity to work (8%), proximity to family and friends (6%), and finally, the look and style of the property (2%).