More than half of first-time buyers willing to bunk it in a barracks – as property demand soars
- More than half of first-time buyers would buy an ex-barracks, school or church to get on property ladder
- Comes amid surging demand, with transactions up by 39% and home values rising by 13% in 12 months
- Proportion of tenants ready to step on the property ladder reaches highest level in over a year
- Positivity defies rising home-ownership costs, as both average deposit and mortgage sizes grow
More than 50% of first-time buyers are prepared to purchase a converted barracks, school or church, as demand in the property market strengthens, according to the latest First-Time Buyer Barometer from Reeds Rains.
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.