A guest blog by James Clarke, Countryside
With Help to Buy coming to an end in 2021, Countryside’s Regional Sales and Marketing Director, James Clarke, shares his thoughts on why the next few years are crucial for first time buyers.
Since its inception in 2013, we’ve experienced a high volume of young buyers securing their first homes by taking advantage of the Help to Buy initiative – a scheme designed to assist first time buyers in a competitive market.
But, why buy now? Help to Buy’s looming deadline is certainly a reason to take advantage of the market, while it still favours first time buyers. In addition to this, interest rates are currently quite low and first time buyers are now exempt from stamp duty, if the purchase price of the property is less than £300,000.
Interestingly, we’re seeing a real shift in the first time buyer market with younger buyers unwilling to miss out on the Help to Buy initiative. In fact, a recent survey*, which we commissioned, found that Generation Z will be prioritizing homeownership over the next couple of years, with one third of renters surveyed (under 24) claiming to already be saving towards a deposit.
Typically, buyers aged under 34 are a common occurrence as first time buyers. This means that these new stats are potentially highlighting an emerging trend, in that the desire to own a property is now increasing within Generation Z (those born during or after 1995). Why? Investment and future security topped the list as the main reasons why younger buyers want to step onto the property ladder early, according to our survey.
So, why buy new? It’s worth considering that new builds are less likely to experience issues associated with older homes, due to their higher build quality and newness. Our customers often comment on the affordability of new build homes, compared to the hidden costs associated with older properties. When you take the cost of repairs and maintenance of an older property into consideration, a buyer could potentially afford a larger new build home for a similar, if not the same, price.
New homes also benefit from no chain, which means buyers needn’t wait for the seller to move on, as well as high specification finishes that often include integrated appliances**. What’s more, a Countryside home is on average 200% more energy efficient than an older property, ensuring long-term savings on home running costs for our buyers.
For more information on new build Countryside homes, or top tips for saving towards a deposit, visit www.countrysideinspire.co.uk.
*Survey of 2,000 first time buyers
**Integrated appliances can vary per development