We all know buyer demand has shifted in the past year, and many people are looking for homes with more space.
We know that Bury St Edmunds is in high demand, but with the greater sense of freedom on offer with remote working on the rise, we have experienced a change in the buyers who are looking for homes in the local area.
If you are a homeowner looking to sell, this is positive news. Anything which increases the volume of keen buyers is of benefit to you.
At Coakley & Theaker, we have experienced this for ourselves. Even in the latest lockdown, there has been significant demand for property.
Also, we have stayed in touch with the latest research, and buyers are looking for something different. A market town like Bury St Edmunds has a lot to offer.
This is what Trussle have found when speaking with first-time buyers, having asked them what they are looking for in the housing market.
29% of first-time buyers say they plan to buy a home in the city. However, 53% of first-time buyers said they are looking to buy property in the suburbs.
Miles Robinson, head of mortgages at online mortgage broker Trussle, said: “The pandemic has increased the financial pressure many first-time buyers were already feeling, as well as creating a seismic shift in what people expect from their home. As a result, financial pressures and rising house prices, alongside a desire for more outdoor space, means demand in more affordable rural locations is currently outpacing that for urban destinations. But lenders are starting to return to the market with higher LTV products, which could make more expensive homes in the city more accessible again.”
Miles Robinson concluded by saying; “And, we may see renewed interest in city living once the vaccine has been rolled out and things begin to return to normality. As such, only time will tell if the current lust for country properties is a long-term trend or more of a spontaneous response.”
A key factor in this decision comes with many respondents saying that they find urban house prices to be a challenge when stepping on the property ladder. 65% of respondents said it was “impossible” to step on the property ladder.
The research suggests the average budget for a first-time property buyer was £174,266.
As of late January 2021, Rightmove said the following about the Bury St Edmunds housing market;
“Properties in Bury St. Edmunds had an overall average price of £304,018 over the last year. The majority of sales in Bury St. Edmunds during the last year were terraced properties, selling for an average price of £286,311. Detached properties sold for an average of £412,233, with semi-detached properties fetching £278,655.
Overall, sold prices in Bury St. Edmunds over the last year were 4% down on the previous year and 6% down on the 2018 peak of £322,125.”
At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.