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First time buyers compromise to climb the ladder

First time buyers are making compromises in their lifestyle to get onto the property ladder, according to research by Alliance & Leicester Mortgages.Over half (51 per cent) of first time buyers are prepared to sacrifice their social lives to buy a house, citing living close to work as the most important factor when deciding where to buy.Another third (34 per cent) said good transport links would also influence their decision.By comparison, only around a quarter (28 per cent) said that living close to friends and family was important to them.Stephen Leonard, director of mortgages at Alliance & Leicester, said: "Many first time buyers are obliged to look closely at their priorities and overheads when they move."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."Of those surveyed, people living in rented accommodation seemed the most realistic about how much their first home would cost them, with renters looking to spend an average of £152,731 on their first home.Meanwhile, the majority of those living with their parents said they were only prepared to spend £137,796 on their first home - £8,174 less than the average first time buyer property price, showing a reluctance to fly the family nest.Mr. Leonard commented: "It's interesting to see that many still living with their parents are actually looking to spend the least on a property and may well be underestimating the cost of buying their first home, while renters appear to have a more realistic idea about moving and buying expenses."

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