First-time buyers prepared to take on unusual properties

March 10th 2016
By: Melanie
First-time buyers prepared to take on unusual properties

There has never been a harder time in the UK property market for first time buyers to get onto the property ladder. Demand is so high for properties that would-be buyers are now prepared to live in a barracks, if it means that they will secure a property to live in according to the latest property barometer.
The proportion of tenants willing to step onto the property ladder has reached it’s peak in over a year, property transactions are up by 39% which has resulted in home values increasing by 13% annually in 12 months. First time buyers remain positive despite the rising cost of home-ownership, deposit size and mortgage criteria restrictions.
The First-time buyer barometer shows that as of February this year, 50% of first-time buyers are prepared to buy buildings such as a converted barracks, school or church. With 57% of buyers saying that they would be prepared to live in a former school in order to purchase their first property, and 53% would prepared to purchase an ex-barracks or converted church.
This surge of first time buyers coming into the market place has put pressure on the property market. The number of completed first-time buyer transactions were 27,900 in January this year, representing an increase of 38.8% from January last year when the figures stood at 21,100. The price of an average first time property has risen from £146.952 to £165,945, and increase of 12.9%
If you are looking at buying your first property this year and would like some help and advice from a local agent then why not pop into one of our offices for a coffee and a chat or call us on 0844 8111090.
Source: Reeds Rains buyer barometer