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How tastes have changed for first-time buyers

Rather than being happy with a small flat as their first property, it seems many aspiring first-time buyers are hoping for a family-sized home instead.

Almost a third (32%) of those questioned in a survey said they would be aiming to hold out for a detached house they would stay in for the long-term.

And nearly half (49%) would consider a semi-detached home in their search, according to the Yorkshire Building Society research.
One of the main reasons for looking for a larger “forever” home was the high cost of moving up the property ladder, including stamp duty.
Traditionally, people have aimed for a larger family-sized home following several moves.
But with many people buying their first home later in life, some buyers seem to be focusing on homes which will suit their needs for longer.
Less than a quarter (24%) of aspiring first-time buyers said they would be happy to end up with a studio apartment or small flat.
Determined buyers are also prepared to spend significant periods of time saving up to get the home they want, according to the survey.

The Society’s First-Time Buyers Report found a quarter (25%) of aspiring first-time buyers estimate they will have been saving for at least five years by the time they have bought their first home.
And 10% think they will have been saving for over a decade.
Chris Irwin, senior mortgage manager at Yorkshire Building Society, said: “Rather than simply being a first step on the property ladder, it would appear first-time buyers have a clear idea of what they hope their first property will be, and are not afraid to wait to get it.
“With one in five recent buyers expecting to stay in their first home for 15 years or more, many are clearly looking for a longer-term or ‘forever’ home.”
The survey questioned more than 900 people who are expecting to buy in the next 12 months.

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Meanwhile, the Post Office and Barclays are among lenders offering 100% mortgages to first-time buyers who don’t have a deposit in a bid to get their business.
But critics of the schemes have warned it could lead to negative equity or another market collapse.

Source: Sky

About Business Ideas UK

My name is Joel Bissitt. I have been an entrepreneur for 24 years and have run many small businesses across various sectors. For the last 10 years I have worked mainly within online media, franchising and small business start-ups.

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