There are many reasons why first-time buyers are likely to be drawn to city living. Even though the age of first-time buyers has risen in recent years, the people buying their first home are still likely to be of a reasonably young age.
This means these buyers are still likely to be socialising and going out on a regular basis. Well, they would be if they can afford it, but that all depends on how much money they save, and where they are buying a home.
There is also the fact that first-time buyers are likely to be working, and this would usually see people buying a house in the city or nearby to get to and from work easily.
What buyers want has changed
Of course, this has all changed of late. The events of the past year have transformed the way we live, and the way people work. Also, it means people are looking for different things in their first home.
At Hunters Stoke Newington, we appreciate the past year has been challenging, and it has brought fresh challenges.
We have seen first hand the way buyers and vendors currently think, and we know there have been shifts in what matters to people.
We also stay in touch with the latest studies and research. This ensures we know what people are looking for, and that we are here to help you as best we can.
We like to know what first-time buyers are thinking, as this helps us help them. We also want to know what first-time buyers think, because this helps us assist vendors in connecting with these buyers.
First-time buyers are moving away from the city centre
Trussle has spoken with many first-time buyers, and asked them what they are looking for. 29% of first-time buyers say they plan to buy a home in the city. However, 53% of first-time buyers said they are looking to buy property in the suburbs.
Miles Robinson, head of mortgages at online mortgage broker Trussle, said: “The pandemic has increased the financial pressure many first-time buyers were already feeling, as well as creating a seismic shift in what people expect from their home. As a result, financial pressures and rising house prices, alongside a desire for more outdoor space, means demand in more affordable rural locations is currently outpacing that for urban destinations. But lenders are starting to return to the market with higher LTV products, which could make more expensive homes in the city more accessible again.”
Miles Robinson concluded by saying; “And, we may see renewed interest in city living once the vaccine has been rolled out and things begin to return to normality. As such, only time will tell if the current lust for country properties is a long-term trend or more of a spontaneous response.”
A key factor in this decision comes with many respondents saying that they find urban house prices to be a challenge when stepping on the property ladder. 65% of respondents said it was “impossible” to step on the property ladder.
The research suggests the average budget for a first-time property buyer was £174,266.
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters Stoke Newington today for all your housing and letting needs.