In addition, the organisation found that three-bedroom homes are the most popular property type among FTBs this year, with Zoopla suggesting that this indicates they are skipping rungs on the housing ladder to buy larger and more spacious homes from the outset.
However, there is some regional variation. In London, for instance, two-bedroom flats are the most popular type of property for FTBs.
The research also showed that FTBs in the resales market typically opt for properties that are priced around 18 per cent below the market average.
Interestingly, FTBs are no longer the largest group of property purchasers in the UK, with the Zoopla data showing that existing homeowners have now become the biggest group of purchasers.
Last month, Property Reporter shared analysis by Zoopla which showed that the reason that demand from existing homeowners has spiked so much is that 2020 has led many people to “the search for space and the once in a lifetime re-evaluation of what a home is worth”.
As a result, the property portal predicted there could be a greater number of existing homeowners in cities who are looking to sell up and move to rural locations. This could also lead to a spike in cash-only purchases in 2021 as older homeowners without mortgages make changes to their living arrangements.
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