The Rise of First-time Home Buyers
There was an estimated 139,500 first-time buyers (FTBs) in the first six months of 2015. First-time home buyers account for nearly 47% of all mortgage financed home purchases; up from 38% in 2011.
The average age of a first-time buyer has risen to 30 years old; from 29 years in 2011, while the deposit paid by them also increased to £29,894, 6% higher than the previous year.
Understanding how first-time home buyers needs differ from the general population is key to attracting them. So Media iQ decided to look at what this group researches about online and how they makes decisions, what their demographics are, and how they differ in their search for houses vs. flats.
Our insights suggest that when looking to purchase property, first-time buyers consider closeness to railway stations as an important factor.
There is clear distinction between users who searched for houses vs. flats. While houses are preferred by older people, flats are a clear choice of the youth. Even postcodes differed in the search patterns of users who looked for houses and flats.
With insights such as these, marketers can build campaigns with the right message to target this group.
For more interesting insights download The Rise of First-time Home Buyers.
With inputs from Saurabh Menon & Priyanshu Gupta, Insights Specialists.