Two-Thirds Of Recent First-Time Buyers Bought In A Neighbourhood They Had Never Been To Before

Moving further away from family, friends and familiar places to get onto the property ladder is becoming more common for first-time buyers, according to new research from Santander UK. Two-thirds (67%) of Brits who bought their first home in the last two years had never seen their new neighbourhood before buying, compared to just over half (51%) of those who bought more than five years ago.

While most make sacrifices in the type of property they buy, whether that’s fewer bedrooms, less garden space, or taking on a renovation project, Santander UK has found more first-time buyers are increasingly compromising on the location with three in five (60%) moving to an area they had never even heard of, to secure a foot on the property ladder. Being further away from family (70%) and friends (68%) were also among the top compromises. What’s more, in a rush to snap up a dream home, 40% of buyers are spending less than two hours getting to know an area before buying a property there, with many saying they spent more time watching a series on Netflix (23%) or scrolling social media in an average week (21%).

To help first-time buyers feel more at home in unfamiliar areas, Santander has teamed up with actor and presenter Ryan Thomas to challenge him and four first-time buyers to get to know a new neighbourhood in just two hours, from playing a game of pool with the local pub landlord, to finding a new house plant and checking out the local gym. Ryan moved 212 miles from Manchester to Brentwood, Essex, a neighbourhood where he’d never been before, prior to meeting his fiancé, Lucy Mecklenburgh.

It can be daunting moving home, especially when you’re building your life in a completely new area. Moving away from my family in Manchester was difficult at first and it takes a while to find your feet in an unfamiliar neighbourhood, but I quickly started to get to know the locals, the great places for food, and where to take the kids for a fun day out. Moving first to Brentwood, and now seven years later, Lucy moving to my hometown Manchester, has shown us both that getting to know a new neighbourhood is full of adventure.

Over a third (36%) of first-time buyers gave their top reason for moving to an unfamiliar neighbourhood as it being cheaper, while a quarter (24%) said they could not find a property in the neighbourhood they had planned to live in that met their criteria. The distance buyers are looking from their original location is also growing, with last year’s Santander mortgage customers moving on average 23% further from their previous address, compared to the last four years1. Despite being away from loved ones, buying further afield reaps financial reward, with those first-time buyers moving to new neighbourhoods in the last two years saving an average of £29,000 compared to buying a house in the area they lived in before.

There’s a growing trend among first-time buyers to move to neighbourhoods further away from where they grew up, or where they were previously renting. Whether their original area is unaffordable, or they’re deliberately looking to move further afield to get better value for their money, location has become the number one compromise for many first-time buyers.

To find out how Santander is helping first-time buyers to settle in new neighbourhoods, [including its new “get to know your neighbourhood in two hours” checklists,] visit Santander’s First-Time Buyer Hub. To see the first-time buyer videos and how our participants got to know their new neighbourhood, from the gym to the garden centre in just two hours, head to @Santander on Instagram or TikTok.