The pandemic has forced many people to re-evaluate their space and has left many first time buyers hungrier than ever to get their own slice of the property market. But as city prices continue to rise, so does the number of buyers looking to escape to the country
Before the pandemic, requirements often revolved around being in a convenient location for the commute to work and close to local bars and restaurants for socialising with friends. This meant that, for those working in the city, purchasing a first home seemed like a distant dream. Along with buyers’ priorities, this has now changed. With more companies adopting the ‘work from anywhere’ approach and people favouring outdoor space to fine dining, first time home buyers now have the opportunity to look further afield for a property that meets their needs and budget.
For those that no longer need access to the city seven days a week, moving to the countryside can be tempting, as it promises spacious living and greater value for money. As well as offering more of a sense of community than ‘The Big Smoke’, many scenic countryside villages across the UK also benefit from great road and rail connectivity, for the days that commuting is necessary.
For most first time property buyers, saving for a deposit is often seen as the biggest hurdle. However, recent research reveals that, in the past year, 39% of people now have enough saved for their first home. Lockdown restrictions have reduced social activities and travel plans, giving people the opportunity to save more money than ever before. For many first time buyers, the pandemic has not only motivated them to save for a space of their own, but also provided a financial opportunity to do so.
In the 2021 Budget, the Chancellor also announced that its new 95% mortgage guarantee was being introduced, to help both first time buyers and home movers purchase their dream homes. This financial initiative works alongside the existing first time buyer scheme, Help to Buy, in which the Government lends buyers money for a new build home. For both schemes, the deposit is at least 5% of the asking price.
Buying a new build home is a great way for first time buyers to take that important first step towards owning a property. With a number of new build developments available in the countrified commuter belt, new home buyers can live out their dream of working in the big city, whilst experiencing the quiet and peaceful lifestyle that the countryside has to offer.
Based in Bicester, Oxfordshire, Graven Hill is the UK’s largest custom and self-build development. Offering the best of both worlds, countryside living with urban connectivity, it’s perfect for relocators. For first-time buyers, Graven Hill offers a number of new build homes, available under the Help to Buy scheme.
Although it’s unlikely that city living will be made completely redundant, it is clear that countryside living is gaining popularity. Many organisations have announced that flexible working is here to stay, giving first-time buyers the perfect opportunity to save on the expense of city rent and season tickets, in favour of owning a countryside property. And, thanks to government schemes such as Help to Buy and the new 95% mortgage guarantee, there is no better time to take that first leap of faith.
For more information visit gravenhill.co.uk