New research from Clydesdale and Yorkshire Banks has found that a three-bedroom home heads the wish list for the largest percentage of first-time buyers.

The banks’ annual First Time Buyers Survey has established that a three bedroom house is the top choice for 32% of those surveyed, while 24% said they would prefer a two bedroom flat.

A two bedroom house is the next on the starter property list for 22% of the nation’s first time buyers with 10% opting for a three bedroom flat. Just 7% said they would aim for a one bedroom flat and only 3% for a one bedroom house.

The survey also highlights the property trends in different regions with 63% of Londoners opting for a flat whilst only 37% prefer a house. In contrast 87% of those surveyed in Wales select a house with only 13% choosing a flat.

The annual research also revealed that 59% of those surveyed rent before buying their first home while 23% stayed with their parents or other family members.

The next generation of homeowners also seem financially aware with 35% stating that they want to buy a home because it is an investment for the future while 33% believe it makes financial sense and 16% outlined that buying a home is cheaper than renting.

Andrew Pearce, retail director for Clydesdale and Yorkshire Banks, said: “Clydesdale and Yorkshire Banks have been unwavering in their support of First Time Buyers and we continued to offer both 95% and 90% LTV mortgages while many others withdrew these products.

“This research shows that it is still challenging to take the first step onto the property ladder and many are now aiming for a larger property as their first home as they believe this is a good investment for the future.”