Shifts In Where First-Time Buyers Want To Live
There is no denying buyer demand has shifted in the past year, and many people have changed what matters to them when it comes to looking for property.
This is the same for first-time buyers as it is for homeowners looking to move.
The lockdown periods have impressed the importance of space close to home, and the impact of remote working has led many people to re-evaluate where they should live. There is a greater sense of freedom on offer for people, and it seems as though first-time buyers are looking to capitalise on this freedom.
You can see why many first-time buyers would look to buy a home in the city.
City centre living appeals to many people
This location is probably close to their work, offering convenience and more time in the morning. Also, first-time buyers are likely to be keen to enjoy an active social life in their area, which is often found in the heart of the city.
While there are not many social options available now, there will be again, but even with that in mind, first-time buyers are looking to spread their wings.
This is something we have seen in our dealings with customers, and it is evident in the latest studies and reviews of the housing market.
City life is less appealing right now
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.
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