What buyers look for in a home has changed considerably of late, and at Austin Property Services, we have seen this for ourselves.
We know the people who look for property in and around Weymouth, and there is a new breed of buyer.
We also stay in touch with the national market, and it is fair to say changes have been found here too.
You can find a property in a place you truly love
Trussle has spoken with many first-time buyers, and asked them what they are looking for. 29% of first-time buyers say they plan to buy a home in the city. However, 53% of first-time buyers said they are looking to buy property in the suburbs.
If you are looking for support in the Weymouth property market, get in touch, and we will do everything we can to assist you.
Miles Robinson, head of mortgages at online mortgage broker Trussle, said: “The pandemic has increased the financial pressure many first-time buyers were already feeling, as well as creating a seismic shift in what people expect from their home. As a result, 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 lenders are starting to return to the market with higher LTV products, which could make more expensive homes in the city more accessible again.”
Miles Robinson concluded by saying; “And, we may see renewed interest in city living once the vaccine has been rolled out and things begin to return to normality. As such, only time will tell if the current lust for country properties is a long-term trend or more of a spontaneous response.”
Affordability is essential in the housing market
A key factor in this decision comes with many respondents saying that they find urban house prices to be a challenge when stepping on the property ladder. 65% of respondents said it was “impossible” to step on the property ladder.
The research suggests the average budget for a first-time property buyer was £174,266.
Towards the end of January 2021, Rightmove said the following regarding the Weymouth housing market;
“Properties in Weymouth had an overall average price of £264,290 over the last year. The majority of sales in Weymouth during the last year were detached properties, selling for an average price of £369,309. Terraced properties sold for an average of £216,760, with semi-detached properties fetching £264,418.
Overall, sold prices in Weymouth over the last year were 5% up on the previous year and 4% up on the 2018 peak of £254,583.”
While Weymouth might not be your traditional choice when it comes to first-time buyers, there is a lot to like about local life. Also, with remote working becoming an integral part of modern life, there is a greater sense of freedom for homebuyers.
If you have the chance of living in a grim city area with no garden and little public space to enjoy, or to live by the seaside, what is more appealing?
In this regard, there is no denying Weymouth, and the surrounding areas, have a lot to offer. At Austin Property Services, we know the landscape for property buyers has changed considerably in 2020 and 2021.