That said, you may be in a situation where the home you are selling is more suitable to certain demographics. You may live in an area with a high concentration of young professionals, families or downsizing retirees.
When your home is on the market it pays to know which buying demographics are most active, as these are the people who are most likely to be hunting for property in your area. At the moment, the first-time buyer market is growing and very competitive, with more young people than ever trying to get on to the property ladder. While it proves a struggle for many, many others achieve their goal.
Plus, the age range of first-time buyers tends to span all the way from 18-40, the generation often known as the millennials or Generation Y, which means that the first-time buyer market is likely to include young professional couples, families and commuters. In other words, the makeup of first-time buyers is diverse, wide-ranging and a dream for sellers who want as many eyes on their property as possible.
It's no secret that first-time buyers have had a hard time of it in recent years, but things are starting to change. Government intervention in the buy-to-let sector – including stamp duty changes and the phasing out of mortgage interest tax relief (set to be introduced in April) – has increased the amount of stock available to first-time buyers.
What's more, a number of government schemes to make buying a home for the first time more affordable have been introduced in the last seven or eight years (although the success of these schemes could certainly be debated). An increasing number of lenders, too, now offer 5% deposit mortgages to entice first-time buyers.
Such steps would appear to be having the desired effect, with recent Halifax research revealing that the number of first-time buyers reached a 10-year high of 339,0001 in 2016. Some would argue this is still too little, and the lack of supply coupled with high deposits is still making things difficult for too many first-time buyers, but things seem to be moving in the right direction.
Given the depth of the first-time buyer market, and the increasing number of purchases being made by people getting a foot on the ladder for the first time, it is certainly a demographic that sellers should keep a very close eye on.
If you are selling a home for the first time, your target market is highly likely to be first-time buyers. There is a good chance, as a first-time seller, that you'll be moving from a starter home to a slightly larger abode. The starter home you'll be leaving behind is likely to be ideal for first-time buyers, who – in many cases – might not need as much space because they don't have a family yet or as much need for more than one or two bedrooms.
Even if you're a third or fourth stepper, your home could still be highly desirable to first-time buyers. With competition for homes so fierce among this demographic, you are likely to see plenty of interest and will have a strong playing hand in any negotiations.
New build homes, too, tend to be very popular among first-time buyers, because of the high-quality furnishings, the modern interiors and the fact that new builds are often located in trendy or up-and-coming areas and areas close to train stations and city/town centres.
Many new build homes are now not so new – you may have been a first-time buyer yourself when you purchased it originally – but these homes are designed to stand the test of time and should still look as new after five or ten years.
You could be handing the baton down to the next generation of first-time buyers by selling your new build home. They are highly popular – because of their energy efficiency, their contemporary look and their relative affordability – so if you are a new build (or relatively new build) homeowner, you should see plenty of demand for your home from first-time buyers.
Generally speaking, first-time buyers tend to look for homes with excellent transport links (many will be young professionals looking for an easy commute to work), close proximity to a town or city centre with good amenities and a buzzing nightlife scene, and, if they have children, good access to high-performing local schools and green space.
In the areas we operate, including Redbridge, Ilford, Goodmayes, Chadwell Heath and Seven Kings, there is a thriving first-time buyer market, with demand high at all times of the year.
Transport links are superb and set to get better still with the arrival of Crossrail. Demand for homes in locations like Ilford, Chadwell Heath and Seven Kings has already boomed because of the Crossrail effect, and that is only set to ramp up further as the line becomes fully operational.
The areas in question are also ideal for families, with plenty of green space, good local schools and community schemes in the local vicinity, so sellers here should feel confident of demand from a wide range of buyers.
To find out more about what Sandra Davidson can do for you, please get in touch with us on 0208 551 0211.
For an estimate of what your property could be worth in the current marketplace, you can request a free and instant online valuation.
