Zoopla's Insight Into First Time Buyers

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What does the recent Zoopla survey for first time buyers reveal?

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.

 

Can we help you?

Every year we help many first time buyers buy their first home. And we offer a very competitive fixed fee of only £660 (£550 + VAT) for first time buyers (terms and conditions apply). Find out more about our First Time Buyer Special Fee Offer.

Or download our Buyer Guide which will give you essential guidance and information about the first steps in finding and offering for a property and there are plenty of useful articles and information in the First Time Buyer section of our Blog.

If you are thinking of selling then why not find out more about our great value fixed fee estate agency service.

 


 

Passionate about property and providing great service at value for money.

Cameron Stephen
Partner with Cameron Stephen & Co. solicitors and estate agents, Edinburgh
cameron@cameronstephen.co.uk
0131 555 1296

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