Over 50% of FTBs willing to settle in converted public spaces

Over 50% of FTBs willing to settle in converted public spaces

The latest First-Time Buyer report from Your Move and Reeds Rains has revealed that over 50% of those who are attempting to get onto the property ladder are prepared to purchase a converted barracks, school or church, as demand in the property market intensifies.

As of February, 57% of first-time buyers claimed they were willing to live in a former school in order to put their first foot on the property ladder, while 53% were prepared to purchase an ex-barracks and exactly half would accept a converted church.

The news comes as demand from first-time buyers is putting pressure on the market, according to key indicators. The number of completed first-time buyer transactions stood at 27,900 in January, representing a 38.8% uplift from January 2015, when the figure stood at 20,100. Meanwhile, the average price of a first-time buyer home in January has risen by 12.9% on an annual basis from £146,952 to £165,945 – an increase of £18,993.

However, even with such strong demand in the property market, there were still limits to many first-time buyers’ enthusiasm for purchasing converted public property. Barely a quarter of such buyers (25%) were willing to have an ex-hospital as their first home and only one-in-seven (14%) would opt to purchase a renovated prison in order to set foot on the property ladder.


Adrian Gill, director of estate agents Your Move and Reeds Rains, comments: “Whether it’s bedding down in a barracks or saying ‘home sweet home’ to a hospital, many first-time buyers are ready to get creative to snap up their first home. That the government has decided to convert old public buildings to homes at all is a sign that conventional housebuilding is struggling to keep pace with enthusiastic home-buyers. It’s a sellers’ market – and supply of homes is the issue of our times.

More importantly, it’s a testimony to the pluck and ingenuity of first-time buyers that they’re willing to break the mould and live in places their parents wouldn’t have dreamed of inhabiting. Of course, there are some ex-public buildings which are too much of a social stretch for even first-time buyers to consider – even the least pricey ex-prisons are still too off-putting, for example. But with home values rising and demand at bottom end of the market showing no sign of letting up, ex-public buildings could offer the value-for-money many first-time buyers crave. When it comes to having a place to call their own, they could do worse than spend at night at the museum.”

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SecomTech
SecomTech 19 Aug 2016

Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

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jasonevans
jasonevans 19 Aug 2016

Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

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jasonevans
jasonevans 19 Aug 2016

Usually these areas are least affected when it comes to unexpected economical collapse.

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TheWaspNestRemover
TheWaspNestRemover 11 Aug 2016

You agree to pay for the treatment needed to get rid of fleas, ants, mice, wasps nests and other pests unless you can prove that these are a result of us not meeting our repairing responsibilities or these...

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madisonwelch80
madisonwelch80 02 Aug 2016

16% is quite a raise. Let's hope this tendency won't continue for long.

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madisonwelch80
madisonwelch80 02 Aug 2016

?66,963 is a serious price drop However buying a property it a serious investment only small percentage of the UK population could afford.

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madisonwelch80
madisonwelch80 02 Aug 2016

Wow, it kind of surprised me. I mean counting on mom and dad's bank even after retirement is too much. That's the moment in life when one should have ensured themselves. I am shocked.

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AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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property guru
property guru 11 Jul 2016

Why should Ajay even have to be looking for it. It should be public knowledge. Why is not just publish each years and to were it is and be AUDITED. Accountability.

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