New Research Reveals First Time Buyers Prioritise City Locations and Transport Links during Pandemic
- Survey from Kettel finds that majority of first-time buyers used the pandemic to save a bigger deposit
- Despite the new flexible work environment, transport links are still key for those searching for their first homes
London, UK. 9th September 2021: Research from Kettel, the PropTech startup which helps first time buyers discover, finance and complete their home purchases, has found that, when it comes to the impact of the pandemic, 67% have chosen metropolitan areas over countryside locations, and 77% are prioritising transport links when searching for their first homes.
The research, conducted on Kettel’s platform, also found that 58% of respondents have used the pandemic to save for a bigger deposit, with first time buyers remaining largely unchanged on location preference compared to before the pandemic.
Trevor Stunden, CEO and Co-Founder commented: “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.”
Top locations for first time buyers
Kettel also analysed the best locations for first time buyers in London and Manchester, based on average sale price per number bedroom, unemployment rate as well as school location. It found that the top locations in London for first time buyers included Wandsworth, Lewisham, Hackney, and in Manchester the best were Stockport, Trafford and Tameside.
From this research, the least suitable locations for first time buyers were Kensington and Chelsea, Westminster, Ealing in London and Salford, New Islington and Oldham in Manchester.
Stunden added: “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.”
This was posted in Bdaily's Members' News section by Ella Jenkins .
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