edited by: Mohammad Haris
Last Update: March 01, 2023, 16:34 IST
Young home buyers at the start of their careers are looking for a safe and stable form of investment.
Big jump in number of people aspiring to be first-time home buyers in 2022, survey finds number rising from 41 per cent in 2021 to 75 per cent this year
According to a survey by Basic Home Loans, nine out of 10 people prefer to buy a ready-to-move-in home over investing in an under-construction property. It said there was a huge jump in the number of people aspiring to become first-time home buyers in 2022, with the number increasing from 41 per cent in 2021 to 75 per cent this year.
The second edition of Basic Home Loan Annual Survey of Homebuyer Sentiment collected responses from over 1,200 participants. The survey collected responses from people in rural and urban cities of India, and collected data from over 30 cities such as Delhi, Mumbai, Hyderabad, Bengaluru, Jaipur, Kanpur, Lucknow, Indore, Bhopal, Ahmedabad and Surat. ,
“There was a huge jump in terms of people wanting to become first-time homebuyers in 2022, with the survey results increasing the number from 41 per cent in 2021 to 75 per cent this year. The rise in the number of first-time home buyers can be attributed to a number of factors, including record-low interest rates in the first half of 2022, encouraging young people to move out of their parents’ homes to build their own nest, away from home. -Increased job opportunities, and overall greater buying activity in the single family and affordable housing market, Basic Home Loans said in a statement.
It added that young people buying homes at the start of their careers have been driven to seek a safe and stable form of investment as well as the opportunity to start a family and build and achieve long-term financial stability. Rising disposable income among individuals is also a major contributing factor, allowing more people to buy homes and start their journey as home owners.
“With the easing of COVID-19 restrictions in 2022 and the hybrid work model becoming the norm, 70 per cent of the respondents said they prefer to own a home closer to essential services and amenities such as healthcare facilities, schools and markets. While 58 per cent respondents preferred a home in the heart of the city in 2021, the number increased to 68 per cent in 2022.
According to the survey, there has been a significant dip in homebuyer sentiment when it comes to looking for property on the outskirts of the city. There were only 20 per cent of respondents who wanted to nest away from the city, compared to 32 per cent last year.
Atul Monga, Founder and CEO, Basic Home Loans, said, “Until last year, companies allowed employees to work from home during the pandemic to ensure their safety and follow social distancing as well as self-quarantine measures. was asked to do. However, 2022 sees a significant percentage of people working from offices or in hybrid mode. Even techies who were earlier seeking purely remote roles are now becoming more flexible towards the idea of hybrid work roles in view of the changing economic landscape. These trends are largely visible in homebuyer sentiment in our survey this year.”
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