New Opportunities To Move To Rural Areas
At Prestige & Village, we know the housing market is connected. You might not spend a lot of time worrying about first-time buyers, but their actions can shape you next move. This is why we stay in touch with all aspects of the market.
A change in demand from first-time buyers might see fresh opportunities for existing homeowners to enjoy a rural life.
Metropolitan living is back in fashion for some households
Findings from Kettel, a PropTech start-up company, researched first-time buyer activity recently. Some of their key findings include:
- 67% of first-time buyers have selected a metropolitan area as opposed to a countryside location
- 77% of first-time buyers have prioritised transport links when selecting their first home
- 58% of these buyers used the pandemic to save money for a larger deposit
Trevor Stunden is the CEO and Co-Founder of Kettel, and he said; “Although there has been a significant move from city to rural locations for traditional buyers during the pandemic, it’s interesting to see that first-time buyers are still prioritising city locations and good transport links. With a lower average age, first-time buyers still want to live close to the cultural centres of the urban areas. With increased savings during the pandemic, first-time buyers are pushing forward with their original plans and locations and are using these savings as an opportunity to get on the property ladder.”
Stunden also said: “With house prices now levelling off, there’s renewed opportunity for first-time buyers to get onto the ladder and we want to support them through this process. Buying your first home is a stressful experience and we want to reduce that stress and empower first time buyers with the knowledge and confidence to make an informed decision.”
Can this news help you move to the country?
While it is interesting to see more first-time buyers moving to the city, this is to be expected, and indeed, might be viewed as a return to the “norm” when it comes to the housing market.
Also, this is great news for households who currently live in the city but who want to move to more rural areas.
Due to the impact of the pandemic and the lockdown, there was a drop in interest in city centre living, which made it hard for some households to sell up and move on. Now, with greater interest in these locations from first-time buyers, there is more of a chance for existing homeowners to sell their current home, and move to village or quieter surroundings.
If you are looking to take advantage of this shift in the housing market, Prestige & Village is here for you.
What locations are first-time buyers looking for?
The analysis also looked into where first-time buyers are looking for homes, with particular focus placed on the London and Manchester markets. The key factors considered in these markets include:
- The average sale price per number of bedrooms
- The unemployment rate in the local area
- The location of schools and availability
The leading locations in the capital for first-time buyers include Wandsworth, Lewisham and Hackney. In Manchester, the leading areas include Stockport, Trafford and Tameside.
Unsurprisingly, the least suitable areas for first-time buyers in London were Ealing, Westminster and Kensington and Chelsea. In Manchester, Oldham, New Islington and Salford were highlighted as being unsuitable for first-time buyers.
At Prestige & Village, we care about our community, and supporting others. We aim to provide you with as much help and assistance as we can. If you have any property or housing questions, please feel free to contact us today.Back to inspiration