Nearly two thirds (63%) of first-time buyers purchase properties in different locations than initially expected due to affordability considerations.
Research from Post Office Money shows that one in five (20%) prioritised purchasing a property that is close to work when they begin their house hunt. However, new buyers will end up moving 29 minutes or 5.2 miles away from where they originally intended.
Post Office's data shows just 26% of properties in London are in areas affordable for first-time buyers and the average house price is £535,732.
Aaron Strutt, product director at Trinity Financial, says: "If you are struggling to secure a large enough mortgage our brokers have access to a host of lenders offering generous affordability calculations.
Many of them provide larger loans for professional's and those earning over £75,000."
Source: Post Office survey of 1,010 first-time buyers
Call Trinity Financial on 020 7016 0790 to secure a first-time buyer mortgage