First-time homebuyers are increasingly turning away from fixer-upper homes in favour of new construction homes with gardens, according to a report from the Scotland-based property portal TSPC.
The company has observed a significant trend change with first-time buyers now showing a stronger preference for new build homes instead of properties needing major overhauls.
A spokesperson from TSPC attributes this trend change to the expensive costs of building materials and the challenge of securing tradespeople who are often in high demand and charging top dollar. These challenges are particularly difficult for first-time buyers who usually lack the expertise in managing big renovation tasks.
Lisa Mannion, an associate solicitor with Thorntons, notes that first-time buyers are no longer just looking for a simple home purchase but are investing in a lifestyle. As a consequence, there is a trending preference for new build homes and larger properties as opposed to apartments or homes requiring significant renovations.
“They’re focusing on establishing a home that can accommodate future growth,” she explains.
Another current trend cited by solicitors is a growing demand for larger homes featuring at least two to three bedrooms.
Additionally, the report highlights an increase in the phenomenon of ‘gifted deposits’, which are helping first-time buyers afford larger homes.
