The industry needs to provide more properties to second-time buyers and downsizers, rather than overwhelmingly focusing on first-time buyers, estate agency platform eXp UK has claimed.
The company said there are 9.4 million 29 to 40 year olds across the nation, accounting for just 25% of the total population aged 29 and above – the lowest proportion of all homebuyer demographics.
Despite this, homes suitable for first-time buyers accounts for the largest proportion of housing market stock, with an estimated 5.4 million flats making up 23% of total housing stock, while some 6.6 million terraced homes make up 28% of all available housing.
Adam Day, head of eXp UK, said: “There’s no denying that first-time buyers are at a severe disadvantage when it comes to climbing the property ladder but it’s clear that the government’s insistence on fuelling demand while neglecting supply is only making the issue worse.
“At the same time, our research shows that when it comes to the issue of supply, the market is seriously out of kilter, with an oversupply of first-time buyer suitable homes to serve the smallest proportion of the homebuying population.
“Yes, more must be done to incentivise downsizers in particular, as it will help unclog the higher rungs of the housing market, however, we need to deliver homes suitable to do so if we have a chance of rebalancing the market.”
Second home buyers aged 41 to 64 form the most significant chunk of the nation’s homebuyers, accounting for 47% of the homebuying population aged 29 and above.
At 28%, downsizers also account for a larger proportion of the homebuying population compared to first-time buyers.
