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First-time buyers shifting away from renovation projects

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.