FTBs are ‘The New Traditionalists’

Published 30th Aug 2007

First-time buyers are turning their backs on locations with bars and clubs and above all else, are seeking community spirit when deciding on their new home according to new research out today from Standard Life Bank...
These first-time buyers, called New Traditionalists, aspire to a safe and secure quality of life and more than a third (35 per cent) want to buy a property in a village or market town.

The research found that 39 per cent of all first-time buyers said a strong 'community spirit' was in their top three location drivers. Also key was independently-owned stores (42 per cent) and a local pub (64 per cent).

These New Traditionalists do not want to live near retail parks or coffee chains and a traditional attitude is displayed regardless of the first-time buyer's age. While the average age of a first-time buyer has now dropped to 29, even those in the youngest age group (16-25) rated a safe environment, village location and community spirit as essential for their first home.

Lifestyle changes
Ashley Ramsay, trends expert at Standard Life Bank, said that this emphasis on the traditional is being driven by two key factors: "One of the main reasons we are seeing an increase in New Traditionalists is that first-time buyers plan to stay in their home for longer than they would have done previously, so they want properties that will still suit them as their lifestyle changes."

When questioned, the average length of time first-time buyers expected to stay in their property was almost eight years, with a third saying they would be there for more than 10 years.

Ms Ramsay said that another factor was due to an increasing trend toward traditionalising: "We are seeing Brits renew their interest in traditional activities but with a modern twist, from the revival of Strictly Come Dancing and Dr Who to resurgence in Monopoly sales, consumers across the UK are retreating to traditional attitudes which deliver simple pleasures and safety"

Encouraging trend
William Higham, founder of the Next Big Thing who carried out the research, said the New Traditionalist trend was 'encouraging' for the UK:
"We think the newly communal Traditionalists will have a positive effect on their chosen destinations. They are not bringing different, 'alien' values into traditional communities, they are moving to those communities because that is where they find the values and environment they seek."

Other key research findings include:
• A quarter of first-time buyers (24 per cent) still live with parents.
• 39 per cent of first-time buyers have at least one child.
• 52 per cent value location of property over condition (28 per cent) and size (19 per cent).
• 21 per cent of first-time buyers are looking to buy alone, 62 per cent to buy with a partner, 13 per cent with one or more friends and four per cent with a family member

Source: ' Move Channel Ltd '

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