First-time buyers are buying homes that are, on average, three-quarters of an hour's drive from their place of work, a new survey has shown.
According to Abbey, the nature of the property market means that first-time buyers now have to accept a long commute in order to afford a new home.
Just less than one in ten homeowners are prepared to travel 90 minutes to get to work in major conurbations such as Manchester and London.
Sue Hayes, director of mortgages at Abbey, said the current level of prices in major cities means "more and more first-time buyers are finding that they have to buy further than they'd like from their workplace".
"Even so, our research shows that many first-time buyers are still not fully aware of how far they might have to commute each day in order to get onto the housing ladder," she added.
According to the latest house price index from Nationwide, the average house price continued to grow in September, rising from £183,898 in August to £184,723.
See Also: Property News (5994)
Date Published: 01 October 2007
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