A recent survey taken by Home Sale Network amongst its member estate agents has found a shift in the type of buyer entering the market today, compared to 10 years ago.
In 2002, the majority (48%) of survey respondents said that the homebuyer population was mostly made up of young buyers entering the market for the very first time, but 10 years on, this figure has dropped to just 1% of respondents indicating so.
As first time buyers grow scarce, an older group of buyers appears to have taken their place. A massive 64% of respondents now identify married couples under 50 as the main buyer type and a further quarter of respondents say married couples over 50 are.
So how does this affect sellers? We’re still experiencing a healthy market, but as the buyer demographic evolves, so too should the approach of estate agents and the sellers they help. Generally, although the older buyer is prepared to pay for a higher quality property, 85% of survey respondents state that a realistic asking price remains key as the older buyer continues to be price-conscious. If you try to sell your house for more than the market value, you may end up selling it for less than you would have if you priced it correctly from the start of the process.
For sellers out there, as a member of Home Sale Network, the national network of independent estate agents, we work with our fellow members from across the UK to help relocating families move into the area – offering you an entirely new channel of prospective buyer. If you’re thinking of buying (whatever your age!), we have been handpicked by Home Sale Network, who consider us to be the Local Expert for buyer property.