That’s accordingly analysis by Zoopla which has forecast first-time buyers are set to dominate the housing market in 2019, remaining the largest home buyer group in the UK.
Although there are many challenges facing those people who are buying their first home, not least affordability, this group accounted for 36% of all housing sales in 2018, according to Zoopla.
This trend, it said, was set to continue in 2019.
But while the traditional route onto the property ladder has involved taking on a ‘starter home’ in the shape of a flat or small house, today’s first-time buyers are adopting a different approach.
Family home
According to Zoopla, they are typically looking for three-bedroom properties they can stay in for longer in which they and their family can grow.
Indeed three-bedroom properties were the most popular home first-time buyers using Zoopla’s portal were enquiring about. Two thirds of those stepping onto the property ladder were seeking houses and, outside of London, this increased to 80 of enquiries.
Indeed, outside of the capital, the average price of homes bought by first-time buyers was just 8% less than the regional average. This compares to buyers between 1996 and 2007 who were buying homes at 20% less than the average house price.
Richard Donnell, research and insight director at Zoopla said: “First-time buyers are not compromising on size and price of home.
“Our analysis suggests that they are taking the long-term view and buying a home with a longer-term horizon than they may have done in the past.
“Three-bedroom homes remain the primary housing type in demand and this drops to two-bedroom homes in London where housing costs and affordability pressures are greatest.”
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