Fewer aspiring first-time buyers are buying dilapidated properties in need of substantial renovations, according to Scotland-based property portal TSPC.
The portal described a “noticeable pivot” away from such properties, as first-time buyers are now overwhelmingly gravitating towards new builds with garden space instead.
According to a spokeswoman from TSPC the high cost of materials, as well as tradespeople being booked far in advance and at a premium price, is behind this shift. This is even more troublesome for first-time buyers, as they lack the experience in planning and co-ordinating such projects.
Lisa Mannion, associate solicitor at Thorntons, said: “Coupled with the changing landscape of first-time buyers’ preferences, we’re witnessing a shift amongst new home buyers.
“They’re not just seeking a home; they’re investing in a lifestyle. New builds and larger properties are the top choice over flats or renovation projects.
“This trend signifies setting up a home that will allow growth.”
In terms of other trends, solicitors say there’s more demand for larger properties with at least two or three bedrooms.
Meanwhile there’s a rise in gifted deposits, enabling first-time buyers to purchase larger properties.
