City Living Is Back In Demand

Even when there was considerable talk about people leaving London, we know the allure of the capital would be too much for many. At Ariston Property, we operate in some of the finest parts of North London, and we know people are looking for homes here.

Even when there was considerable talk about people leaving London, we know the allure of the capital would be too much for many. At Ariston Property, we operate in some of the finest parts of North London, and we know people are looking for homes here.

This is what we have seen for ourselves, and what has been uncovered in recent studies.

Metropolitan living appeals for many reasons

Findings from Kettel, a PropTech start-up company, researched first-time buyer activity recently. Some of their key findings include:

• 67% of first-time buyers have selected a metropolitan area as opposed to a countryside location

• 77% of first-time buyers have prioritised transport links when selecting their first home

• 58% of these buyers used the pandemic to save money for a larger deposit

Many people have made big decisions in the housing market

While the stamp duty holiday encouraged many people to act quickly, the overall impact of the pandemic has led to many people deliberating over what is right for them. We know people want to be informed, and we are on hand to ensure local buyers and vendors make informed decisions.

Trevor Stunden is the CEO and Co-Founder of Kettel, and he said; “Although there has been a significant move from city to rural locations for traditional buyers during the pandemic, it’s interesting to see that first-time buyers are still prioritising city locations and good transport links. With a lower average age, first-time buyers still want to live close to the cultural centres of the urban areas. With increased savings during the pandemic, first-time buyers are pushing forward with their original plans and locations and are using these savings as an opportunity to get on the property ladder.”

Stunden also said: “With house prices now levelling off, there’s renewed opportunity for first-time buyers to get onto the ladder and we want to support them through this process. Buying your first home is a stressful experience and we want to reduce that stress and empower first time buyers with the knowledge and confidence to make an informed decision.”

What locations are first-time buyers looking for?

The analysis also looked into where first-time buyers are looking for homes, with particular focus placed on the London and Manchester markets. The key factors considered in these markets include:

• The average sale price per number of bedrooms

• The unemployment rate in the local area

• The location of schools and availability

The leading locations in the capital for first-time buyers include Wandsworth, Lewisham and Hackney. In Manchester, the leading areas include Stockport, Trafford and Tameside.

Unsurprisingly, the least suitable areas for first-time buyers in London were Ealing, Westminster and Kensington and Chelsea. In Manchester, Oldham, New Islington and Salford were highlighted as being unsuitable for first-time buyers.

We believe the North of London is in good shape for buyers, which of course, is also good news for vendors too. If you are keen to connect with others in the property market, it makes sense to call on the services of a local agent you can trust.

We know these are challenging times, but if you have any questions about the local property market, please feel free to contact us. At Ariston Property, we aim to support the local community as best we can, and we look forward to assisting you in any way.