Angela Wallace, centre and operations manager of TSPC, said: “Our members, a network of solicitors and estate agents operating across Tayside and Fife, are reporting that first-time buyers are navigating the property market with a new set of preferences and considerations compared to recent years.

“Understanding the new trends helps us tailor the support we provide.”

Solicitor and estate agent feedback gathered by TSPC reveals several key trends among first-time buyers:

1. Preference for New Builds: More first-time buyers are gravitating towards new build homes, particularly those offering ample garden space and the potential for a home office. The incentives provided by new home builders are proving to be a significant attraction, alleviating the pressure of competing in a market characterised by ‘offers over’.
2. Increased Demand for Larger Properties: There is a notable trend towards larger properties, with at least two to three bedrooms, reflecting a desire for homes that can accommodate future growth and serve as long-term residences rather than mere stepping stones.
3. Rise in Gifted Deposits: An increasing number of first-time buyers are using gifted deposits, enabling them to explore higher-priced properties and expand their options within the market.
4. Growing Savvy Among Buyers: First-time buyers are exhibiting a heightened level of knowledge and preparedness, equipping themselves with essential information and resources to navigate the complexities of the property market.
5. Shift Away from Renovation Projects: While renovation projects were once popular among first-time buyers, there is now a noticeable pivot away from such properties. Despite having the necessary deposit funds, buyers are increasingly opting for homes that require minimal additional investment post-purchase.

Lisa Mannion, associate solicitor at Thorntons, said: “Coupled with the changing landscape of first-time buyers’ preferences, we’re witnessing a shift amongst new home buyers.

“They’re not just seeking a home; they’re investing in a lifestyle. New builds and larger properties are the top choice over flats or renovation projects. This trend signifies setting up a home that will allow growth.

“TSPC organise frequent First-Time Buyers Evenings, an informal event where experts are on hand to offer personalised advice. The event has proven invaluable for hundreds of first-time buyers including Sandie and Kirsty Dawson, a couple who attended the event and have just this week completed on their new home.”