First-time buyers are willing to purchase a property of 35 square metres on average, according to a new survey by online furniture specialists MADE.
A survey of 2,150 potential first time buyers investigated the minimum floor space they’d be willing to accept in order to get on the property ladder - on average, first time buyers in in the UK would be prepared to buy and live in a property that is 34.7 square metres, roughly a third of the size of the average property size in the UK (90 square metres).
First-time buyers in Scotland have the lowest ‘space threshold’ at 33.5 square metres compared to those in England (34.3 square metres) and Wales (36.7 square metres). The results for England on a regional level are:
North East: 31.3 square metres
East Midlands: 31.9 square metres
North West: 32.7 square metres
South East: 34.6 square metres
Greater London: 35 square metres
South West: 35.3 square metres
East of England: 35.4 square metres
Yorkshire & the Humber: 35.8 square metres
West Midlands: 37 square metres
When asked which feature the first-time buyers would be prepared to live without, those surveyed said an eat-in kitchen (32%) and outside space (21%). Around 14% would give up having a bath, 7% wouldn’t mind not having a dining area, and another 7% would be willing to give up having a separate bedroom.
MADE have recently created an online tool to help homeowners see how to make the most of a small space - you can have a look here.