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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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

It depends on the people, some older adults decide to make a long-distance move in order to live closer to their children or settle in a place with a lower cost of living.

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brandonlee10
brandonlee10 24 Jul 2017

The financial ramifications of the triggering of Article 50, the starting gun for Britain's departure from the EU, are far from clear. Buyers will be most cautious in London, given that buying a home in...

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IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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