Sunday, 17 December 2017

The power of three

STRUTT & Parker reports a tug of war going on in the market at the moment, with several different groups

STRUTT & Parker reports a tug of war going on in the market at the moment, with several different groups competing for the same property type: a three-bed house.

The estate agent, which has a branch in Pangbourne, has indicated that not only are three-bed homes the most searched for types of property, they are also selling the fastest.

These houses were once the sole pursuit of ‘second steppers’ those who have already purchased a starter flat and are looking to trade up in order to start a family, or make room for a growing brood now they are seeing activity from other groups.

Many first-time buyers are bypassing the small starter flat for a larger home, which can give much-needed income in the form of renting out rooms to lodgers or friends.

Rents for property have risen at a very fast pace and first time buyers are stretching themselves to get the maximum return on their investment.

Matthew Rothery, associate partner at Strutt & Parker said: “The average age of first-time buyers has risen over the years due to rocketing house prices and larger deposit requirements. This means the typical first-time buyer is now a little more mature and may be at a stage in their lives where they desire a bigger home, for instance, they may have a young family.”

Another group looking at three-bed homes more than in previous years are downsizers. These are typically more mature people who are rattling around in big houses after their family have flown the nest.

They are often looking for three beds as they want enough room to entertain the grandchildren or friends when they come to stay or the option to convert one of the bedrooms into an office.

Matthew Rothery, associate partner at Strutt & Parker said: “The average age of first-time buyers has risen over the years due to rocketing house prices and larger deposit requirements. This means the typical first-time buyer is now a little more mature and may be at a stage in their lives where they desire a bigger home, for instance, they may have a young family.”

Another group looking at three-bed homes more than in previous years are downsizers. These are typically more mature people who are rattling around in big houses after their family have flown the nest.

They are often looking for three beds as they want enough room to entertain the grandchildren or friends when they come to stay or the option to convert one of the bedrooms into an office.

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