THE VOICE OF PROPERTY

SPEAKING at a panel discussion at the Conservative Party Conference last week, Kit Malthouse MP hit home when he stated: “Something has gone wrong when your kids have to wait for you to die before they can get on the property ladder.” This same event also revealed that 80 per cent of newly built homes are affordable to only eight per cent of London’s renters – and 43 per cent of those who aspire to home ownership give up being self-employed to get a mortgage.

In Scotland, the future for first time buyers appears brighter, according to research by Savills, which reveals developers are adapting to the needs of first-time buyers who take out over 50 per cent of new UK residential mortgages. Carole Mackie, Savills’ head of New Homes in Scotland, comments: “The

larger deposits means it takes longer for buyers to save. Help to Buy and the bank of, not only Mum and Dad, but increasingly of grandparents too, mean this group represents a greater proportion of those buying new homes.

“Millennial young professionals are renting for longer and are very discerning about where they want to live – with a greater emphasis on being able to walk or cycle to work and access to gyms and outdoor space becoming key drivers.

“Then there is a second, important category of first time buyers: many already have children by the time they buy their first home, which impacts the kind of home they are looking for.

“Our recent collaborative survey with the NHBC found almost a third of first time buyers who had purchased a new home after the four years already had children and were buying a home with more than three bedrooms.”

TAKE PART

MILLER Homes is hosting a Part Exchange event today at two of its developments in the west – Keepers Gate at Ellismuir and Wallace Fields – as part of its Let’s Get Moving campaign. Between 10.30am and 5.30pm, potential buyers will be able to find out more about the Part Exchange process – mortgage and legal specialists will also be on hand to advise on buying a new home.

TRENDS: Proximity to green space and exercise facilities influences first-time home buyer choices.

TIMELESS APPEAL: Dating from the 1700s, this imposing property in the heart of Fenwick has been carefully upgraded and extended, while the rear garden is a key feature.