Two thirds (67%) of recent first-time buyers bought a home in a neighbourhood they have never been before, suggesting buyers are making more compromises to get on the ladder.
Five years ago this was only the case with half (51%) of buyers, Santander research shows.
Being further away from family (70%) and friends (68%) were also among the top compromises.
Graham Sellar, head of mortgage development at Santander, said: “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 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.
Thomas moved 212 miles from Manchester to Brentwood, Essex, a neighbourhood where he’d never been before, prior to meeting his fiancé, Lucy Mecklenburgh.
He said: “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.”
