More residential property developers are expecting to build ‘family’ homes rather than properties suitable for first time buyers, according to research by property specialists, movewithus.
The research study found that 64% of developers are expecting the level of development of houses with three or more bedrooms to rise significantly compared to just 39% who expect the same level of increase for first time buyer properties during the same period.
At the same time, 69% of developers are expecting the development of ‘Banker Pads’, such as penthouse apartment properties, to fall.
Robin King, director at movewithus director, said: “If the Noughties were characterised by the rise and fall of two bed apartments, then the current decade will be seeing the same sense of reality returning. Developers have reacted to the changing demographics and are starting to build what is required to live in, rather than what some people thought they could make a quick investment buck on.”