First-time buyers losing interest in city living
City living is losing its appeal among first-time buyers, with the vast majority now preferring more subdued locations, Trussle has found.
As it stands just 29% of first-time buyers plan to buy in a city, compared to 53% in a suburb.
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.
“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.”
Higher house prices in urban locations are likely to play a huge factor in this trend, with 65% saying it’s ‘impossible’ to get on the housing ladder.
The research found that the average budget for a first home was £174,266.