National property firm Strutt & Parker reports a tug of war going on in the market at the moment, with several different groups competing for the same property type: a three-bedroom house.
This isn’t news to one local agent, Cadman Homes of Castle Street, Rugby, who are also seeing a shortage of three bedrooom houses for sale locally.
The research department has indicated that not only are three bed homes the most searched for types of property, they are also selling the fastest.
These houses were once the sole pursuit of ‘second steppers’ - those who have already purchased a starter flat and are looking to trade up to start a family, or make room for a growing brood - now they are seeing activity from other groups.
Many first-time buyers are bypassing the small starter flat for a larger home, which can give much needed income in the form of renting out rooms to lodgers or friends.
Adam McHenry, director at Cadman Homes in Rugby, said: “We are finding that a lot of first time buyers, not just couples but singles too, are looking at jumping the traditional ‘two up two down’ that a lot of people would have bought in recent years if their budget runs to it.
“Our mortgage advisor has been helping first time buyers get mortgages that are comfortable to repay, but allow them to skip a second move in 2-5 years time when historically first time buyers would move on again.”
Another group looking at three bed homes more than in previous years are ‘downsizers’.
These are typically more mature people who are rattling around in big houses after their family have flown the nest. For more information telephone Cadman Homes, Castle Street, Rugby, on (01788) 560905.