Soaring house prices has meant that it is harder than ever for young people to get on the property ladder. However, when they do, their demands are greater and expectations higher.
According to the Halifax, the UK’s biggest mortgage lender, the average age at which Britons buy their first property has risen dramatically in the last three decades. With annual house price inflation at 16.9 per cent, fewer young people are able to get a foot on the property ladder. The problem is particularly pronounced in London and the South East with the average house price in Greater London now five times the average wage.
As a result, the average age for first-time buyer is now 34, a rise of seven years since 1995. House builder Rialto Homes believe that although the age is increasing, these typically young professionals with good jobs and sophisticated tastes are pushing up the expectations from the starter homes market. Labelled as ‘virties’ (virtually 30) these buyers are demanding contemporary design, good finishes and fashionable kitchens and bathrooms.
With the young professional single or couple in mind, Rialto has launched Grafton Gate in Bedford. The development of 95 one- and two-bedroom apartments, two-bedroom houses and three-bedroom town houses is conveniently located close to the town, which offers a host of attractions for young people including pubs, restaurants and high street shops.
Designed with a range of internal layouts, many of the homes feature flexible accommodation and open-plan living – something that busy virties demand. The development is also suited for commuters to London with nearby St John’s railway station providing a 50-minute service to Kings Cross. Prices at Grafton Gate start at just £65,750. Call 01234 327373.
After 15 years of living with her grandparents, actress Jane Horn decided that she really needed her own space. Having appeared in various West End shows including Les Miserables and Starlight Express, it was important to Jane to be within commuting distance of the capital.
Just a few minutes walk from the Docklands Light Railway, Jane’s new apartment at Barratt’s Central House development in Stratford, east London, provides an affordable home within easy reach of work. Typical of the virties profile, Jane also wanted an elegant home with some added extras. ‘I loved the style of the building and the fact that there will be a gym and sauna in the basement.’
All one-bedroom apartments are sold but two-bedroom apartments start at £199,995. Call 020 8522 1008.
Where to buy
Chelmsford, Essex
Telford Homes is launching their latest development at Wharf Road. Little Docklands comprises 18 one- and two-bedroom apartments featuring state-of-the-art kitchens, stylish bathrooms and unusually shaped balconies. To register your interest call 0870 872 0987.
Woolwich, London
With property prices up to 50 per cent cheaper than in the City, Woolwich has been identified as a new London hot spot. Fairview New Homes has launched Galleons Lock, a development of 55 houses and 667 apartments built in a contemporary style. Prices start at £149,000. Call 020 8511 7895.
Tunbridge Wells, Kent
At the Richard Beau Nash apartments, purchasers have the chance to own a period-style home with contemporary interiors. The Georgian-style building has features such as deep bay windows, tall sash-style casements and wrought iron gates. Inside the 26 new apartments, open-plan living areas and fitted kitchens give a contemporary feel. Prices start at £150,000. Call Copthorn Homes on 01892 530161.