Stay up to date with shifts in local and national housing market
Recent research from Santander UK has revealed some fascinating trends in the first-time buyer market that could have implications for your local property landscape. Let's delve into these findings and explore what they might mean for you.
Interestingly, 67% of Britons who purchased their first home in the past two years had never seen their new neighbourhood before buying. This is a significant increase from 51% of those who bought more than five years ago. For Darlington, this could mean an influx of new residents who are discovering the charming town for the first time, potentially bringing fresh energy and diversity to your community.
First-time buyers are trying new places
Even more striking is that 60% of first-time buyers are moving to areas they'd never even heard of before. These new buyers are making significant compromises, with 70% moving further from family and 68% from friends.
Remarkably, 40% of buyers spend less than two hours getting to know an area before buying there. The primary motivation for this trend? Affordability. 36% of first-time buyers cited cheaper housing as their top reason for moving to an unfamiliar neighbourhood.
Moreover, buyers are now moving on average 23% further from their previous address compared to the last four years.
The financial rewards for these adventurous buyers are substantial, with an average saving of £29,000 compared to buying in their previous area. This could make Darlington an attractive proposition for those looking to get more for their money.
How is Darlington market faring now?
Rightmove's latest figures for July 2024 paint an intriguing picture of the local housing market. The average Darlington home will set you back £166,783 - a tidy sum, but how does it stack up against recent years?
Interestingly, this figure represents an 8% dip from last year's prices. It's also 2% shy of the 2021 peak, when average prices hit a high of £170,423. But what's selling? Semi-detached homes are the talk of the town, dominating sales and commanding an average of £173,017.
For those with more modest budgets, terraced properties offer a foot in the door at an average of £125,286. Fancy something grander? Detached homes are fetching a princely £288,555 on average.
It’s likely more buyers will like what Darlington has to offer
So, with first-time buyers placing a greater level of importance on affordability, Darlington's market offers food for thought. It's a mixed bag of opportunities - from affordable terraces to spacious detached homes - all against a backdrop of slightly softening prices.
For you as Darlington homeowners, these trends could mean a more diverse pool of potential buyers if you decide to sell. It might also lead to increased property values if demand rises. Additionally, this influx of new residents could bring fresh perspectives and potentially boost local businesses.
While change can be daunting, it also brings opportunities.
Graham Sellar, head of mortgage development at Santander, commented: “There’s a growing trend among first-time buyers to move to neighbourhoods further away from where they grew up, or where they were previously renting. Whether their original area is unaffordable, or they’re deliberately looking to move further afield to get better value for their money, location has become the number one compromise for many first-time buyers.”
We know what Darlington has to offer, and if new buyers come to the market, we are ideally placed to help homeowners like you connect with them.
Contact Anthony Jones for all Darlington property matters
If you are looking for help with any matter of the Darlington property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.
