Property Perspectives | Stop Focusing on First Time Buyers
Join Mark as he gives an overview of the current news stories around property including the growth of the construction industry and his take on the favourability of first time buyers and what targets we should instead be focusing on. Mark also talks about the current rent crisis and the impact of the cost of living on landlords, investors and tenants. KEY TAKEAWAYS Historically, first time buyers keep the market moving and triggered economic growth but the favourability towards them with schemes such as help to buy have been detrimental in many ways too. The cost of construction has gone up by around a third, and this has created redundancies and collapses in the industry. Rent rises have surged post-covid and during this current cost of living crisis but Mark is seeing indications of this now slowing as demand is starting to reduce. Airbnb and other serviced accommodation providers have had a direct impact on housing stock. Some controls are beginning to be introduced but it’s important that these also incentivise traditional landlords to create choice and keep prices moderate. Building on brownfield sites is a key factor in meeting any kind of house-building targets but it’s also important that the targets are focused around the right types of properties in the right areas. BEST MOMENTS "For decades there's been the assumption that first-time buyers prop the market up” “First time buyers have become older” “Construction industry whilst not mended is probably on the way to being mended after a difficult period” “2020 was probably coming right to end to the previous cycle” “We should be focused on the types of properties being built in the right areas” VALUABLE RESOURCES https://www.youtube.com/user/progressiveproperty https://www.progressiveproperty.co.uk/the-progressive-co-founders/ ABOUT THE HOST Mark has bought, sold or has managed around 1,000 property units for himself, Rob, his family and his investors since 2003. He is a system and spreadsheet geek and has developed a complex, confidential deal analyser system of buying residential, commercial and multi-let properties. CONTACT METHOD Email: Markhomer@progressiveproperty.co.uk LinkedIn: https://www.linkedin.com/in/markhomer1 Facebook: https://www.facebook.com/markprogressive Twitter: https://twitter.com/markprogressive‘Brought to you by Progressive Media’: https://progressivemedia.uk/