Zoopla has recently published its findings giving an insight into first time buyers of new & existing homes in 2017.
And it makes for some interesting reading… Broken down, the findings are as follows:
- First Time Buyer numbers have grown in the last 5 years, showing the First Time Buyers account for 36% of all housing sales in the UK in 2016 compared with 26% in 2011.
- The key triggers for people wanting to move onto the property ladder are the freedom to make a mark on their own place, along with not wanting to waste money renting.
- The key barriers preventing people from buying their first home are struggling to save and not having a steady job.
- Familiarity, safe neighbourhood and easy commute are the key determining factors of location choice.
- 36% of people say they would prefer to buy a new build, although there is a negative about new build properties of size of rooms and thickness of walls as well as being over-priced and too uniform. Our Pros and Cons of New Properties talks about these points in more depth.
- 26% of people say they would prefer to buy an existing home and the likes for these are size of room, character and their potential to re-work and re-organise. Our Pros and Cons of Older Properties talk about these points in more depth.
- The average first time buyer takes about 2 years to save up for their deposit and then a further 9 months in their search for a property.
- Women are more likely to be the driving force when researching and finding properties.
- Over a half of first time buyers turn to their families for advice, along with getting information and advice from the property portals.
Of course, Zoopla is a UK-wide site, so the figures may well vary for here in Edinburgh due the ever-competitive market. Don’t let any of these findings worry you though; as our First Time Buyer Mythbusters reveals, it’s not all doom and gloom being a First Time Buyer.