At Stones Residential, we know there is a wide range of property buyers in the capital. A lot of people are looking to purchase their first home in the capital. We know this through speaking with many would-be buyers, and through staying in touch with the latest studies and findings.
What do first-time buyers want when buying a home in the capital?
A study of 500 people looking to purchase their first home in London within the next five years revealed the following findings:
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79% of respondents said it was extremely important to like their neighbourhood
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69% of people said they would get to know a neighbourhood before they bought property there
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43% of respondents said being close to transport links was their top priority
Over half of the respondents said they wanted to live within walking distance of vital shops, and other important facilities included coffee shops, restaurants and gyms.
Some factors are more important than others for buyers
The survey highlighted factors that were important for first-time buyers, with the findings being:
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The number of bedrooms was cited by 48%
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Outdoor space was named by 43% of respondents
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30% of respondents said they wanted to be close to parks and open spaces
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79% of respondents said their priorities had changed since the pandemic, with the desire of being close to outdoor space was the most important factor
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More than 60% of respondents said they expect to purchase a home in Zones 2 to 6
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The average response suggests people expect to stay in their first London property for slightly more than five years
What sort of home will first-time buyers purchase?
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31% of respondents said an apartment would likely be their first home
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30% of respondents said a semi-detached home
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18% of people said they expected to buy a detached home
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15% of respondents cited a terraced house
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Over 60% of respondents said they wanted to buy a new-build home
Another feature cited by the respondents was that of the people who had worked at home during lockdown, over 90% expected them to do so for at least part of the working week
Ian Gorst, a known observer of the London and South East housing market, said; “More than 70% of people said that having a strong sense of community in their neighbourhood was extremely important to them, and this is reflected in how our customers feel about where they live. They want to become part of their local neighbourhood and in turn, to support the businesses on their doorsteps, which can only be good news for communities in London where our new homes are being built.”
Ian Gorst continued by saying; “There has also been a shift in sentiment since the start of the pandemic. After enduring lockdowns, people want all the amenities they need on their doorstep as everyday life has become more local. Transport links will always be valued in London but neighbourhood now outranks the commute. New homes are a common-sense purchase for first-time buyers. The research found that modern designs, low maintenance and energy efficiency were the main factors influencing people to buy a new home in London.”
Ian Gorst concluded by saying; “New-build apartments can satisfy many other criteria identified in the research, from balconies and terraces to communal rooftop and podium gardens, as well as residents’ work hubs, on-site gyms and tech already set up for home working.”
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.
