What home we choose to buy and why is changing for the new seekers
Mending and making do with cast-offs from friends and relatives was also the norm for most first-time buyers.
That second hand settee may not have been what your heart desired but the modus operandi was to stick a throw over it until you could save for the sofa of your dreams.
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Hide AdRugs served the same purpose in covering questionable carpets.
Now, thanks in part to the myriad of beautifully styled homes on Instagram, picture perfect is the order of the day and that can be hard to achieve in a second hand property that may have hidden flaws and bears all the hallmarks of someone else’s taste.
That is just one of the reasons why more young people are opting for new-builds or second hand properties that need no work and either are or can be quickly made picture perfect. Another reason is that these days finding tradespeople can be difficult.
Simon Blyth, founder of the Simon Blyth chain of estate agencies, says: “There aren’t as many tradespeople around now and DIY is definitely a dying trade, though we may well see it come back. Years ago most households had a well-stocked tool box but not anymore.
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Hide Ad“It’s not something many young people are comfortable doing and their parents aren’t much better so you can see why a newly built home appeals.”
Simon adds that it is particularly hard to find tradespeople to do small jobs, which is why he employs David, a full-time handyman/decorator, to help his vendors get their homes shipshape.
“Buyers are less tolerant of issues than they used to be so David does everything from painting to clearing out gutters. It makes the property more saleable and we can get it on the market faster.”
Mary Sharpe, 25, recently bought a brand new, two-bedroom mid terraced house on the Greenways development in Goole. Constructed by Beal Homes and with a wide choice of fixtures, fittings, carpets and paint colours, she is pleased with her decision.
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Hide AdThe property cost £166,000, though she could’ve bought an existing, second hand two-bedroom terraced house in the town for around £120,000.
She lived with her father for four years, paying a small amount of rent and this allowed her to save a deposit with the help of a Lifetime ISA. She saved £12,000 and got an additional 25 per cent boost of £3,000 from the LISA.
“I didn’t want to renovate or have to do work to a property and with this house I have the security of everything being new plus, if something goes wrong, I have a warranty,” she says.
Richard Beal, MD of Beal Homes, agrees that more first time buyers are choosing new-builds. “We have definitely seen that. They want to get on and live rather than spending their spare time working on a house."
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Hide AdShannon Cole and her partner were both 25 when they bought a new detached house in Pocklington from developers Bellway last year.
They too had lived with their parents until they had enough money for a deposit and Shannon, who posts on Instagram as architectandi, was determined to buy new.
She says: “I’m quite fussy about interiors and wanted something I could put my own stamp on. In a new home you have a lot of choice, including where sockets and radiators go. In an older home you don’t and you have other people’s taste."
She adds: “We also have a ten year warranty on this house, which means we don’t have to find money for major repairs or for a new boiler. That’s peace of mind.”
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Hide AdIt’s not just the younger generation that has changing wants and needs as downsizing also looks set to become more prevalent for a number of reasons.
Getting the most out of life in the golden years is one, as is helping children and grandchildren onto the property ladder but energy efficiency now looks set to play a part in the decision.
Steven Potts, Area Director of Dacres for Bingley, Saltaire and Baildon, says: “We have definitely seen more people taking notice of a property’s energy performance certificate.”
According to Savills, there is certainly scope for downsizing. It calculates that there are 355,800 under-occupied properties in Yorkshire with an average value of £251,600 and an average unlockable value in downsizing of £80,500. It adds that two-thirds of the over 65s are technically under-occupying their home.
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Hide AdLucian Cook, Head of Residential Research at Savills, says: “Traditionally, homeowners have been reluctant to downsize given their attachment to the former family home, a lack of financial incentive to do so, and a limited supply of good quality retirement accommodation.
“However with the costs of running a home increasing so rapidly, the financial benefits of downsizing are likely to come to the fore. This along with the lure of releasing equity and less upkeep.”
For those selling the message is clear. If possible, try and make sure your house is in good order before putting it on the market if you want to secure a sale quickly.