First-time buyers looking for smaller homes amid higher mortgage rates due to cost of living crisis
First-time buyers are increasingly favouring smaller properties as they adjust their expectations amid higher mortgage rates and look to get away from rapidly rising rents, according to a new report from Zoopla. The property website said that while three-bedroom homes remain the most sought-after for people taking their first step on the property ladder, “there is a clear shift in [first-time buyer] demand towards two-bed flats”.
Zoopla said the impact of higher house prices on first-time buyer affordability is not uniform, with buyers having faced bigger price increases in southern regions than northern regions. It estimates that first-time buyers using a mortgage accounted for around one in three sales last year. Top Money Stories Today Executive director Richard Donnell said: “We expect first-time buyers to have another strong year in 2023, having been the largest buyer group last year.
Sarah Coles, head of personal finance at Hargreaves Lansdown, said some renters making the jump to buy a home will be likely “to place higher value on being able to fix a mortgage, so they’ll know what they’ll pay over the next few years”.
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