The Number of First-Time Buyers to Rise in 2018, 40% of Buyers Will Decide to Buy Based on First Impressions, Plus More

Welcome to Town & Country's January newsletter.

In this month's edition, 2018 is set to see a surge in the number of first-time buyers and 40% of buyers will decide to buy based on first impressions alone.

Also this month, a recent study has discovered which room homeowners like to decorate the most and we reveal how you can get the most out of your home's wasted space.

Surge In First Time Buyers Forecasted This Year

 

There are plenty of property market forecasts and predictions making the headlines around this time of year, as many are wondering how the market will perform throughout 2018.

Property analysis firm Hometrack has conducted its own research and produced a forecast for the next 12 months, with some surprising figures regarding first-time buyers.

According to their research, Hometrack expects first-time buyers to be the largest buyer group of 2018 predicting 35% of all sales this year to come from those taking their very first step onto the property ladder.

In comparison with forecasts from many other experts within the industry, first-time buyers would account for approximately 400,000 sales over the next 12 months.

With all the talk of an increasingly unaffordable market for first time buyers, this prediction is somewhat surprising; however, the growth within this group could be attributed to the recent scrapping of stamp duty for anyone buying a house for the first time, saving buyers thousands of pounds when making a purchase.

Insight Director at Hometrack, Richard Donnell, offered comments on the 2018 forecasts “We expect first-time buyer numbers to continue to grow in regional housing markets where affordability is more attractive. First-time buyer numbers have fallen by 10% in London over the last three years as affordability pressures limit access to the market.”

Existing homeowners are the 2nd largest buyer group, only overtaken by first-time buyers by a small margin, accounting for 34% of sales in 2018.

Hometrack’s report has shown that transactions in 2017 took a slight drop in the capital, however, other large cities such as Manchester, Birmingham and Glasgow saw a rise in activity between 6% and 8% across the last year.

It is expected that the other regions will continue to offset the London market and for the UK as a whole, the report predicts an average growth of 3% with the largest cities in the UK expected to record 5% growth in value.

40% Of Buyers Will Decide To Buy Based On First Impression Alone

 

 

As any estate agent can tell you, a successful sale hinges on a good first impression. Prospective buyers possess a sixth sense when it comes to viewing a property and if things aren’t up to scratch – inside and out – you can guarantee they will spot it.

In fact, a recent study has revealed that the average house hunter only needs eight minutes to decide if a property is for them or not.

In fact, six in ten adults will also choose not to buy a property based on the condition of the exterior of the property, without even needing to view the inside.

In comparison, 18% of buyers admitted to buying the very first property they view and 15% said they decided to buy the property before they had even viewed it in person.

This decisiveness extends online, with the average buyer spending eight minutes deciding whether or not to visit a property – highlighting the importance of a good online advert.

75% also confessed to being irritated upon finding that an advert or online listing does not accurately represent a property when visiting in person.

The study also revealed which aspects of a viewing signalled an early exit for many prospective buyers. The main offender was an obvious damp patch, which 60% of buyers said would put a stop to any future transaction, whilst a house on a main road or cracks in the wall would also put an end to the viewing.

For the buyers who are good at seeking out the problematic finer details of the property, there were some decisive reasons for buyers backing out of the viewing, such as dirty toilet pipes, overflowing bins, wheelie bins left in front of the property and faded or yellowed paintwork.

Some viewers take issue with a sellers lack of preparation for the viewing such as untidy rooms, poor DIY and ashtrays left around the house.

Other reasons included logistical problems such as the size of the rooms being too small for the buyer’s furniture, issues with the natural lighting of the property. The current owner’s furniture cluttering up the layout of a room, preventing the buyer’s imagination from running wild, led to over a third of buyers to back out of a purchase.

The list showcases the importance of sprucing up your home – both before putting it on the market and before every viewing. A prospective buyer needs to weigh up the additional costs and work involved in buying a property. Ensure you give your home the most generic makeover possible and organise your possessions and furniture in a way that won’t distract the prospective buyer.

Which Room In The House Is Renovated The Most?

 

For most homeowners, the second that you move into a home, you begin planning which rooms you’re going to spruce up and also which rooms are the priority, but which rooms are renovated the most often?

A new survey from Betterbathrooms.com has looked into which rooms see a new coat of paint the most and the reasoning behind the upgrades for each.

The survey collected responses from just over 1,000 homeowners throughout the UK and resulted in some interesting findings with regards to DIY trends.

It was found that the lounge was the most frequently updated room in the home, with just over two thirds (68%) of the survey participants, deciding to give their living room a bit of an upgrade.

The bedroom took 2nd place on the table, which is to be expected as the majority of our time is spent in the lounge or bedroom. The survey found that 59% of respondents chose to make big changes to the room in which they lay their head, most likely to change the décor to something more of their style.

3rd place goes to the dining room, only being upgraded by 41% of homeowners, possibly a sign of the times suggesting more meals are eaten in the lounge.

Closely grouped together at the bottom of the table are the Kitchen (38%) and the Bathroom (32%), apparently being neglected the most by homeowners.

This is somewhat understandable, as unlike most other rooms, plumbing and electrics do not come into question quite as much when trying out your interior design skills throughout the rest of the house.

Better Bathrooms questioned homeowners on the reasoning for leaving the kitchen and bathroom alone, with 29% stating it was just too big of a job and 21% saying that cost was the main obstacle.

It was also found that the top three features changed most regularly in any room were flooring (53%), lighting (39%) and wall décor (21%).

BetterBathrooms’ Head of Marketing, Lee Glenister spoke on the results of the survey, he said: “Brits are becoming even more house proud, but it is surprising to see how the bathroom is often left last.”

Glenister went on to say that “Obviously, cost is a big consideration when it comes to refurbishing larger projects such as the bathroom or kitchen. That said, homeowners don’t need to change everything in the room in order to make it look refreshed - in fact updating one feature such as the taps, paint or the toilet can make a difference.”

Getting the Most Out of The Wasted Space in Your Home

 

 

The majority of homeowners are guilty of not getting the most out of the available space in their home, so we have put together some ideas for getting the most out of your home.

Create a micro office
Depending on the size of your home, sometimes taking over a room to create an office just isn’t feasible. Why not create a micro office? A small desk or a sturdy shelf can be installed in a small area of wasted space to create the perfect working area.

Build in a multi-tasking bench
Some homes feature a huge landing and wide windows which go completely to waste! A multi-tasking bench, with storage capabilities, colourful pillows and cushions to brighten up the corridor is the perfect way to make use of the some of the space that traditionally goes to waste in most homes.

Put up some shelves
Shelves are more than just a solution to storage, it’s also a great way to decorate the wasted space in your home. Colour code your books to add a splash of colour to your rooms.

Reading nook
Unused spaces in the corner of the room or in a window alcove can be perfect for creating a reading nook. A comfy chair, a table for your drink and a pile of books is all you need to create a comfortable place for getting to know a new book.

Ceiling shelves
Most shelving units only make use of a small portion of the available space. Placing shelves on top of other units, such as the kitchen counter, or in nooks and corners with built-in cabinets, and ensuring the shelves measure up to the ceiling making usage of all the available space.