First time buyers, the ultimate guide

12 September 2017  |  Admin  |  0 Comments

A first time buyer guide brought to us by Zoopla Property Group in collaboration with I Am The Agent. 

We bring to you a series of top tips for first time buyers to assist property owners sell their property and those searching get the best property info available.  

The headlines make interesting reading:

  • First time buyer numbers have grown in the last 5 years
  • Analysis by Hometrack shows that first time buyers of new and existing homes accounted for 36% of all housing sales in the UK in 2016 compared to 26% in 2011.

The average age of first time buyers is 32 and some more about their profiles are in the chart below. Do you match any parts of this profile?

The report shows that the main triggers for first time buyers stepping on to the property ladder are:

  • Making a mark on their own place is the key trigger, along with not wanting to ‘waste’ money renting
  • Getting married and having children can often be the final spark

Not unexpectedly, the barriers for getting on to that first rung are struggling to save and not having a steady job.

I Am the Agent, the UK’s first online estate agent, has some great tips for how to save up for your first home.

The first thing you will need to think about is what you can afford. Zoopla’s research says the on average the price of a first property is £212,000 (varying from £164,000 in the north to £387,000 in London). This mortgage calculator will help you work out if you can afford the repayments.

It’s interesting to note the gender divide, with women making up 62% of first time buyers, with the higher proportion being in the 25-29 age range.

The importance of the property portals in the early decision-making process is highlighted in the graph below; 81% of potential first time buyers went to the property portals to get a steer on budget.

The visits to the portals don’t stop there; when the serious searching starts, buyers start to look at the portals several times a week, ramping up to several times per day once they are ready to start viewing.

This highlights the importance of the presentation of your property listing when you are marketing on the portals. I Am the Agent, the UK’s first online estate agent, offers free pro photos in the Essential sales package (just £399 inc VAT, and no hidden extras), so you can make sure your listing stands out from the crowd. 

 

With thanks to Zoopla Property Group

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