mio has compiled a new report into the Young Homebuyer, providing in-depth insights every agent needs to prepare for the next generation of aspiring homebuyers.
According to the report, first-time buyers are returning to the limelight, with numbers at a 12-year high, having risen by 92% since 2008. So, what does this mean for agents? Younger homebuyers are in many ways, dramatically different to the older and more-experienced clientele that most agents are most accustomed to working with, and bring their own set of challenges.
Agents must be savvy and adapt their approach to boost customer satisfaction rates and generate valuable word-of-mouth recommendations from this group of budding homeowners.
Who exactly is the young homebuyer?
It would be foolish for agents to assume that youth equals naivety when it comes to first time buyers. According The English Housing Survey, the average age of first-time buyers is 33 years old, which is significantly older than many might expect. What’s more, 29% of first-time buyers are couples with dependent children, which serves to dispel the myth that first-timers are immature and inexperienced.
Of the young buyers who make it onto the property ladder, 40% have household incomes in the top fifth of their age group, meaning agents will be most-likely be dealing with high-income professionals when working with first-time buyers.
That said, regardless of age or profession, first-time buyers still face a seemingly uphill struggle when it comes to buying a property. Brexit uncertainty, high property prices, mortgage issues and government schemes such as Help-to-Buy can all exacerbate the process, causing undue stress.
How can agents help?
This is where agents can excel by adopting a consultancy-led approach and providing practical hands-on support to guide them through the process. This approach, coupled with technology like mio, can help agents to manage expectations and provide a superior customer experience that’s in line with young homebuyers’ expectations.