BARRATT Developments has revealed how the cost-of-living crisis is changing the criteria that buyers in Scotland are setting for their homes, with house hunters ‘sharpening their focus’ on their income long term.
The Tackling the Cost of Living Crisis – 2023 Report by Barratt Developments PLC – which includes Barratt Homes and David Wilson Homes, found that 31% of prospective buyers in Scotland are considering buying and renting out a room for additional income.
The research also showed a trend towards shared homeownership as consumers struggle to buy solo. A third of those surveyed are considering buying with a friend or family member and 44% are considering an apartment instead of a house to save money.
Of those already on the property ladder, half revealed they would downsize to a cheaper home to save money on bills.
Doug McLeod, regional MD for Barratt Developments Scotland, said, “There’s no doubt that the cost-of-living crisis has changed the way people are buying homes. Worries around rising interest rates on mortgages, inflation and energy bills have seen people consider new ways to generate income, including renting out a spare room. We also expect to see apartments grow in appeal, thanks to lower costs and convenient locations in city centres, close to workplaces and entertainment.
“While the current economic outlook has undoubtedly impacted buyer behaviour, our research shows that people are still more confident than not in the UK housing market. With this in mind, we have launched a variety of schemes to support those looking to invest in property, including mortgage contributions and deposit help for first time buyers.”
