Apparent Increase in First-Time Buyers

The building design and construction industries in this country will need to put up with the evidence that more people than ever before are committing to buying a property for the first time in 2017. The Connells Survey and Valuation data has shown that despite the difficulties faced by many people today and the fluctuations of the housing market, the fact of the matter is that more and more people are deciding to buy a home for the first time this year than they did in 2016.

For example,  it has been demonstrated that 34 per cent of the activity on the housing market is due to the bustling of first-time buyers, as compared to the previous year when it was only leveled at 25 per cent in 2016. Similarly, more have been shown to sell property this year: the figures indicate a 5 per cent increase in this compared to the previous year which was found to be at 21 per cent overall. What this indicates to someone like John Bagshaw of Connells Survey and Valuation is that more and more people are committing to buying up property for their private selves than in the previous year. Mister Bagshaw puts this down to greater job opportunities being offered to people that enable them to consider the private housing market, whilst another cause of this is claimed to be the fact that the rise in wages to 3 per cent overall is an incentive for making people want to buy property for the first time.

In any case, this is clearly signaled to be a wake-up call to the building, design and construction industries to build more homes and develop on greater areas of land than ever before in order to cope with the increasing demands of first-time buyers. Indeed, many of these tend to be in the younger age range and are desirous of starting families in their new homes: greater amounts of bedrooms and investment therefore need to be considered.

Apparent Increase in First-Time Buyers
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Apparent Increase in First-Time Buyers
BDC July 2022 issue - 294

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