City Centres are bouncing back with first-time buyer demand
The easing of covid restrictions has increased the appeal of living in a city centre. Following a recent survey by Rightmove some of the biggest city centres across Great Britain have seen a significant jump in buyer demand in April compared to January of this year. Inner London saw a jump of 30% in buyer demand compared with January, while Outer London is up by 34%.
Around two thirds of first-time buyers surveyed (60%) said that they have been able to save more towards their deposit over the past year due to the various lockdowns and over a third said that it means they could buy sooner than they were originally planning to. The introduction in April of the government’s 95% mortgage guarantee scheme coupled with stagnant prices in many city centres has combined to help more first-time buyers get on the property ladder.
There is no doubt that High Streets have taken massive hit over the past few months, hopefully this is a signal that they still have a place in society today.