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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Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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Landlady14
Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

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Mark
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

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Ben Taylor
Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

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Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

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James Powell
James Powell 27 Feb 2017

This is a very good news.

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DanHumphreys
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

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Matt
Matt 20 Feb 2017

Is this fake news?

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Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

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CommercialTrust
CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

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