First time buyers form an increasingly important buyer group for the new homes market – but the kind of home they need is not universal.
Savills’ report show that first time buyers have steadily increased their share of the mortgage market but are being increasingly limited by affordability.
This is impacting the kind of home many can afford, as well as the age at which they can buy. As the average age of first time buyers increases they are looking to ‘future-proof’ their homes for a growing family.
This means the traditional product on offer to a first time buyer, and likewise schemes which utilise Help to Buy, must adapt to this changing profile to retain demand.