It is fair to say the impact of the pandemic has impacted a great number of people and what matters to them, and around them. There has been significant impact on the housing market, with many prospective buyers re-evaluating what matters to them when it comes to their property.
There was a spell when people were abandoning cities for rural areas, but recently, there has been a switch back. At Austin Property Services, we deal with both areas. We operate in secluded areas that are ideal for people looking to lead the quiet life, but we also help people in and around some bustling areas.
Whatever matters to you when it comes to your next move in the housing market, we are here for you. We speak closely with many buyers and vendors, so we know what people are looking for.
We also stay in touch with what is happening across the country. A recent study examined what buyers are looking for in homes, and this represents a slight change to what people might be more familiar with of late.
What matters to you in a home?
Findings from Kettel, a PropTech start-up company, researched first-time buyer activity recently. Some of their key findings include:
67% of first-time buyers have selected a metropolitan area as opposed to a countryside location
77% of first-time buyers have prioritised transport links when selecting their first home
58% of these buyers used the pandemic to save money for a larger deposit
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. The key factors considered in these markets include:
The average sale price per number of bedrooms
The unemployment rate in the local area
The location of schools and availability