TSPC Support First Time Buyers

06 May 2024

As the leading property portal for Dundee, Angus, and North Fife, we are doubling down on our commitment to support first-time buyers as they get a foot onto the property ladder.

As housing trends evolve in tandem with fluctuating economic conditions, TSPC is thrilled to be providing invaluable insights and guidance to empower first-time buyers to make informed decisions when searching for their first home.

Angela Wallace, Centre and Operations Manager of TSPC, said: "Our members, a network of solicitor estate agents operating across Tayside and Fife, are reporting that first-time buyers are navigating the property market with a new set of preferences and considerations compared to recent years. Understanding the new trends helps us tailor the support we provide.”

Feedback gathered from TSPC solicitor estate agents reveals several key trends among first-time buyers:

• Preference for New Builds: More first-time buyers are gravitating towards new build homes, particularly those offering ample garden space and the potential for a home office. The incentives provided by new home builders are proving to be a significant attraction, alleviating the pressure of competing in a market characterised by 'offers over'.
• Increased Demand for Larger Properties: There is a notable trend towards larger properties, with at least two to three bedrooms, reflecting a desire for homes that can accommodate future growth and serve as long-term residences rather than mere stepping stones.
• Rise in Gifted Deposits: An increasing number of first-time buyers are using gifted deposits, enabling them to explore higher-priced properties and expand their options within the market.
• Growing Savvy Among Buyers: First-time buyers are exhibiting a heightened level of knowledge and preparedness, equipping themselves with essential information and resources to navigate the complexities of the property market.
• Shift Away from Renovation Projects: While renovation projects were once popular among first-time buyers, there is now a noticeable pivot away from such properties. Despite having the necessary deposit funds, buyers are increasingly opting for homes that require minimal additional investment post-purchase.

Lisa Mannion, Associate Solicitor at Thorntons, said: "Coupled with the changing landscape of first-time buyers' preferences, we're witnessing a shift amongst new home buyers. They're not just seeking a home; they're investing in a lifestyle. New builds and larger properties are the top choice over flats or renovation projects. This trend signifies setting up a home that will allow growth.”

At TSPC, we organise frequent First-Time Buyers Evenings, which are informal events where experts are on hand to offer personalised advice. These events have proven invaluable for hundreds of first-time buyers including Sandie and Kirsty Dawson, a couple who attended our very first event in August 2023 and have just this week completed on their new home.

Kirsty & Sandie’s Story

Having rented their entire adult lives, Kirsty and Sandie thought becoming homeowners was impossible due to the cost of living crisis and increased mortgage rates. Inheritance money from grandparents gave the couple a beacon of hope, but becoming homeowners still felt out of reach until the couple got some life changing advice.

Kirsty Dawson, first-time buyer, said: "Attending the TSPC event was a game-changer for us. We felt like we had nothing to lose, and it turns out we had everything to gain. Without the advice we got at the event, we wouldn't be where we are today. We had the opportunity to connect with all the key players - TSPC property experts,mortgage brokers, and solicitors. Every person we encountered at the event was truly brilliant.”

"Two pivotal moments in our journey were, firstly, attending the TSPC event. Not only did it open up opportunities but also introduced us to invaluable contacts who guided us every step of the way. Secondly, having a mortgage broker was monumental. Their expertise made us realise how much we could afford. Dealing with our solicitor proved to be a significant learning curve, learning about important aspects such as life insurance and estate planning, which was an eye opener.

"The best advice we can offer to fellow first-time buyers is to prepare for additional expenses beyond the deposit. Budgeting for solicitors, mortgage brokers, and other associated costs is crucial. Unlike renting, where the process is relatively streamlined, purchasing a home involves a myriad of legalities such as solicitors and wills. Being financially prepared for these expenses ensures a smoother transition into homeownership."

Angela Wallace, Centre and Operations Manager of TSPC, said: "Embarking on the journey of homeownership begins with taking those crucial first steps. Speak to a mortgage advisor to understand your borrowing capacity and determine the size of deposit required. Engage with a solicitor agent who can guide you through the process, providing insights on market trends and assisting with offers. Be thorough in your search, and don't hesitate to ask your solicitor agent to clarify any uncertainties in the Home Report.

“And remember, amidst the excitement and challenges, take a moment to cherish the process - purchasing your first home is a significant achievement worthy of celebration."