Jon Horton (pictured) is product director at mio
We have compiled a new report into the young homebuyer, providing in-depth insights to help estate agents to prepare for the next generation of aspiring homebuyers.
Our report shows that first-time buyers are returning to the limelight, with numbers at a 12-year high, having risen by 92% since 2008.
So, what does this mean for agents?
Younger homebuyers are in many ways, dramatically different to the older and more-experienced clientele, bringing their own set of challenges.
Agents must be savvy and adapt their approach to boost customer satisfaction rates and generate valuable word-of-mouth recommendations from this group of budding homeowners.
Who exactly is the young homebuyer?
It would be foolish to assume that youth equals naivety when it comes to first-time buyers. According the English Housing Survey, the average age of a first-time buyers is 33, which is significantly older than you might expect.
What’s more, 29% of first-time buyers are couples with dependent children, which serves to dispel the myth that first-timers are immature and inexperienced.
Of the young buyers who make it onto the property ladder, 40% have household incomes in the top fifth of their age group, meaning agents will be most-likely be dealing with high-income professionals when working with first-time buyers.
That said, regardless of age or profession, first-time buyers still face a seemingly uphill struggle when it comes to buying a property.
Brexit uncertainty, high property prices, mortgage issues and government schemes such as Help to Buy can all exacerbate the process, causing undue stress.
How can estate agents help?
This is where agents can excel by adopting a consultancy-led approach and providing practical hands-on support to guide them through the process.
This approach, coupled with the best technology, can help agents to provide a superior customer experience that’s in line with young homebuyers’ expectations.