The housing market, much like fashion, sees things move in and out of popularity.
It is easy to see why many people in the past year or so decided it was time to get out of London. The pandemic has significantly impacted what people want in life, and with remote working on the rise, a lot of people decided that rural living was for them.
It hasn’t taken too long, but it appears as though city living is back in fashion. At Stones Residential, we are not too surprised at this. Areas like Belsize Park have too much of an allure for them to be dismissed.
While Belsize Park isn’t an area that the average first-time buyer looks at, there are many people stepping onto the property ladder for the first-time. Also, when people move onto the property ladder, it usually sees other people move upward.
Therefore, even recent studies which examine first-time buyer activity and how relevant it is to the entire market, give hope that city living is back in style.
Metropolitan homes have a lot to offer
Findings from Kettel, a PropTech start-up company, researched first-time buyer activity recently. Some of their key findings include:
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67% of first-time buyers have selected a metropolitan area as opposed to a countryside location
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77% of first-time buyers have prioritised transport links when selecting their first home
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58% of these buyers used the pandemic to save money for a larger deposit
We are here to help you move
Trevor Stunden is the CEO and Co-Founder of Kettel, and he said; “Although there has been a significant move from city to rural locations for traditional buyers during the pandemic, it’s interesting to see that first-time buyers are still prioritising city locations and good transport links. With a lower average age, first-time buyers still want to live close to the cultural centres of the urban areas. With increased savings during the pandemic, first-time buyers are pushing forward with their original plans and locations and are using these savings as an opportunity to get on the property ladder.”
Stunden also said: “With house prices now levelling off, there’s renewed opportunity for first-time buyers to get onto the ladder and we want to support them through this process. Buying your first home is a stressful experience and we want to reduce that stress and empower first time buyers with the knowledge and confidence to make an informed decision.”
What locations are first-time buyers looking for?
The analysis also looked into where first-time buyers are looking for homes, with particular focus placed on the London and Manchester markets. The key factors considered in these markets include:
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The average sale price per number of bedrooms
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The unemployment rate in the local area
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The location of schools and availability
The leading locations in the capital for first-time buyers include Wandsworth, Lewisham and Hackney. In Manchester, the leading areas include Stockport, Trafford and Tameside.
Unsurprisingly, the least suitable areas for first-time buyers in London were Ealing, Westminster and Kensington and Chelsea. In Manchester, Oldham, New Islington and Salford were highlighted as being unsuitable for first-time buyers.
If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing belsizepark@stonesresidential.co.uk.
