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First-time buyer priorities to change in 2022 – Laker

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  • 28/10/2020
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First-time buyer priorities to change in 2022 – Laker
Prepare for a change in the profile of a first-time buyer as climate change and spending more time at home become priorities in 2022, says Sally Laker managing director of Mortgage Intelligence.

 

Speaking on Mortgage Solutions Television in association with Kensington Mortgages, Laker said after young people have had time to reflect on changes in the job market caused by the pandemic, they may consider moving to different roles, upskilling or changing their lifestyle.

A combination of these decisions, Laker added, will influence the type of property they will choose as their first home.

“[First-time buyers] will be looking at the kind of move that will enable them to work from home,” she said.

“They might be thinking, do I want to work in the city or do I want to buy something a bit further out that might be cheaper but I can have an office there or I can walk to work, save money, get a better lifestyle.

“I think that is going to become more and more important.”

 

 

Laker was joined on the panel by Craig McKinlay, new business director of Kensington Mortgages, Martin Reynolds, chief executive of Simply Biz Mortgages and Adrian Scott, group mortgage services director of Connells Group.

Reynolds thought it was too early to say whether the move to more spacious areas would become commonplace.

“We need to see where businesses place themselves and what the high streets look like in six to 12 months’ time because I think it could change,” he said.

Climate change is another factor that will influence first time buyers’ decisions in 2022, said Laker.

Banks and building societies have begun to launch mortgages that incentivise buyers to purchase an energy efficient property or improve the efficiency of their current home.

Lenders that offer deals with cashback incentives or lower rates for green homes will stand apart from other banks and building societies, the panel heard.

Laker added: “I think that in 2022 first-time buyers are going to know what they are looking for and certainly we as intermediaries and lenders need to be looking out for that and having products and criteria that work.”

 

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