A decade ago, sole property ownership was the most popular option prioritized by many new home buyers because of mortgage availability and the freedom of sole ownership. Currently, real estate agent Nick Millican informs, 63% of first-time buyers prioritize joining hands and buying properties as a joint.
This shift has happened in eight years, and Millican, a renowned individual with extensive asset development and investment management knowledge, believes the trend will continue on an upward trajectory. The asset management expert says that the continued increase in mortgage interests has been a fundamental aspect that has influenced this behavior, making it difficult for new home buyers to afford a property with weak monetary muscles.
The rising inflation, which started to surge in the year of 2022, is another key factor contributing to the rapid change in property buying decisions. According to Nick Millican, London remains a challenging market for first-time buyers.
Since most buyers prefer staying in the city to countryside towns, the real estate agent informs, up to now, they develop an ownership strategy that satisfies their property ownership preferences. London continues to dominate in the sale of slats compared to terraced houses.
Flats sales stand at 73%, while terraced houses stand at 18% from the previous year’s statistics of 29%. Times are hard, and many individuals are struggling to survive. The real estate agent and asset management expert says this is why there has been a drop in the number of first-time buyers. Most sellers require a deposit, and since the cost of living is high. Most first-time buyers find it hard to fulfill their dream of property ownership.