We have found that City living is losing its appeal with first-time buyers. The vast majority are now preferring more serene locations.
At the moment just 29% of first-time buyers plan to buy in a city, that is compared with 53% in the suburbs.
The pandemic has increased the financial pressure a number of first-time buyers were already feeling, as well as creating a dramatic shift in what people expect from their home.
Thus, financial pressures and rising house prices, alongside a desire for more outdoor space, means demand in more affordable rural locations is currently outpacing that for urban destinations.
But banks are starting to return to the market with higher LTV (Life Time Value) products, which could make more expensive homes in the city more accessible again.
Once the vaccine has been rolled out and things begin to return to normality, we may see renewed interest in city living.
Time will only tell if the current desire for country living is a long-term trend or more of an impromtu response.”
Higher house prices in urban locations are likely to play a huge factor in this trend, with 65% saying it’s ‘impossible’ to get on the housing ladder.
The research found that the average budget for a first home was £174,266.
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