We recently commissioned comprehensive research into first time buyers across the UK and are pleased to share the insights with you. Over 1,000 people were surveyed, who had either bought a new or existing home in the past two years, or were planning to buy one within the next two years.
There were a mix of genders, ages, geographical regions and socio-economic groups, building a rich picture of British first time buyers. Below is a snapshot of the top level findings, and a profile of a typical first time buyer. Over the coming weeks we’ll share these insights with you in more detail.
The overwhelming trigger for first time buyers is to have a property where they can put their own mark on the decoration and design.
Women first time buyers tend to be more engaged in the property search than men, and lead the process.
Over half of first time buyers turn to their families for advice and support when searching for a home.
On average the complete property journey will take 2 years and 9 months. Portals play a key role throughout.
The key deciding factors for first time buyers when choosing a location are familiarity, a safe neighbourhood and an easy commute into work.
First time buyers looking for a property have a budget of £167k, but recent purchasers ended up buying for £212k.
With an average deposit of around £20k needed, almost two thirds are finding it difficult to save and many drop out of the market.
First time buyers often don’t recognise the value estate agents can provide in the buying process, and perceptions of estate agents are lower amongst those who have previously rented.
The lure of new homes is the feeling they are designed solely for the first time buyer generation. Their ease, convenience, schemes and difference from what their parents own adds to their appeal.
Brexit and the economic climate are creating uncertainty rather than negativity, sparking a desire for greater certainty around financing and to ‘put down roots’.