First-Time Buyers Look for the Finished Product
With the government axing stamp duty on first-time buyer properties under £250,000 for next two years, more first-time buyers than initially predicted are likely to climb the first rung of the property ladder. But with the property market still flagging, what are fiscally limited first-time buyers looking for?
In short – the finished package. First-time buyers are on the hunt for a good deal. With the average required deposit pushing £37,000 across the market (a sum few first-time buyers can hope to gather), sellers need to offer properties that require as little financial investment as possible in terms of things like new bathroom suites, kitchens etc.
• Properties close to transport links are very desirable. With fuel costs soaring, first-time buyers commonly need to make exceptional savings when it comes to travel.
• Economy 7 heating. Although it’s fallen slightly out of favour in the last few years, Economy 7 electric heating is typically £200 per year cheaper than its gas counterpart. A modern, effective, low cost heating system is incredibly attractive to buyers on a budget.
• New fixtures and fittings – taps, dishwasher, double glazing, kitchen units, carpets, skirting boards, bathrooms, boilers etc – are at the top of the list for budget conscious first-time buyers who don’t want unexpected repair/replacement costs in the next few years.
• First-time buyers, particularly professionals, are less interested in school catchment areas than family households. They want a safe investment in terms of structure, location and interior.