Aspiring buyers are spending an average of six years saving for their first home, Mortgage Advice Bureau research reveals.

The research from Mortgage Advice Bureau found that FTBs are increasingly prioritising space, energy efficiency, and location when searching for a property, with many prepared to delay their purchase in order to secure a home better suited to their future plans.

Data reveals that 45% of FTBs say their biggest motivation is finding more internal or external space for a growing family, 43% say they prioritise energy efficiency and lower monthly running costs and 38% want central living and proximity to urban amenities.

Meanwhile, 35% say they are attracted by the potential to add value and customise a fixer-upper and 29% want to prioritise access to top school catchments or specific communities.

The findings also reveal a near-even split in what buyers expect their first property to be, with 50% expecting to purchase a flat and 48% planning to buy a house.

Among those expecting to buy a flat, 22% say it will be a new build flat, 18% expect to purchase an existing property and 10% are considering a renovation project.

For those expecting to buy a house, 23% say it will be a new build property, 23% expect to buy an existing property and 2% are considering a renovation project.

However, the motivations behind those choices differ significantly. Buyers planning to purchase a house are more likely to prioritise space, with 51% saying more internal or external space for a growing family is their key motivation, compared with 39% of buyers planning to purchase a flat.

Meanwhile, buyers opting for flats are more focused on location and connectivity, with 35% citing access to specific communities, schools or urban amenities as a key factor, compared with 23% of house buyers.

Mortgage Advice Bureau strategic lender relationship director Rachel Geddes says: “First time buyers are spending longer saving compared to previous generations, so many are being far more deliberate about the type of property they choose and the lifestyle they want their first home to support.”

“While saving for a deposit remains one of the biggest challenges, many buyers are unaware of the schemes, mortgage products, and affordability options that may already be available to help them achieve their homeownership goals.”

“Speaking to a mortgage broker early – even if you’re only starting to think about buying your first home – can help buyers better understand what they can realistically afford, identify lenders best suited to their circumstances, and potentially get onto the property ladder sooner than they expected.”