WITH people spending longer in their first home than ever before, the way in which first time buyers choose a property is changing, according to a leading housebuilder.
According to the latest data released by Morris Homes, limited mortgage availability and slow house price growth mean that first-time buyers now spend an average of four years in their first home.
To counteract this, savvy house hunters are increasingly looking for versatile properties that can be lived in for a number of years – even if their circumstances change.
It’s a trend that has prompted a rise in demand for low maintenance, new build properties and homes with flexible layouts.
Housebuilder Morris, the developer of Darcy Park in Kirkby, has seen sales increase 25 per cent in the past year and enquiries about three-storey properties has increased as people look for properties they can live in for the long term.
Cindy Vials, regional sales director for Morris, said: “Unlike five or 10 years ago, first-time buyers now really understand the value of money.
“They may have spent years saving up for a deposit, had to move back in with parents or cut back in other ways so they take their purchase seriously and know that it could be another five years before they can afford to move again.
“This trend is definitely good news for new build properties, which come with a 10-year warrantee and offer first-time buyers peace of mind that their home won’t become a money pit.
“It also seems to be feeding demand for three-storey properties which often offer more space per pound than traditional two-storey homes and give you the option to create office space or children’s playrooms away from the main living areas if your circumstances change.”
Morris currently has a three bedroom, three storey homes at its Darcy Park development, starting from just £139,750.
For those looking for a smaller start-up home, the housebuilder also has a range of two and three bedroom properties available under to first time buyers starting from just £89,750.
For more information on Morris’ first time buyer homes, visit the sales office (Open Thursday to Monday 10.30 – 5.30) at Darcy Park, Lindleys Lane, Kirkby-in-Ashfield, Notts, NG17 8AB, call 01623 751 766 or visit www.morrishomes.co.uk/darcy-park/.