The generation known as millennials, or Gen Y, has surpassed previous generations like Gen X and Baby Boomers as the largest age group in the UK, with Gen Z not far behind. These two generations might become the biggest drivers of economies throughout the world, and the housing sector is no exception, since they have the highest potential purchasing power. Learn more from the best estate agents in Winchester below.
What qualities do Gen Z and millennial homebuyers value?
Despite the innumerable articles about the growing price of housing and millennials’ disinterest in homeownership, first-time homebuyers of Gen Y and Z continue to have a desire for affordable housing.
Younger homeowners are searching for some stability as a result of the severe COVID-19 pandemic years and subsequent worldwide recessions. Here are some actions you may take to assure millennial and Gen Z first-time buyers that their investment in your property will be safe.
What are millennial homebuyers looking for?
It’s hardly surprising that affordability is the main problem for millennials trying to buy homes, given the high level of student debt and the inflation that is rapidly outpacing stagnant wages. This age group also frequently searches for personalisation, i.e. places where they can genuinely create their own community and establish lasting roots. Their preferences for bigger, open-floored houses that provide more room and allow movement is also worth noting.
Millennials choose low-maintenance houses with all-modern conveniences that are typically close to community services like cafes, gyms, and schools. This is the reason why new home complexes close to metropolitan centres are growing in popularity.
Of course, millennials anticipate high levels of usefulness in their homes as they are the first generation to become adults when older technologies were still undergoing rapid development. The convenience of smart technology within the home itself is appealing, but so is moving communication and online commerce.
But what features would Gen Z specifically look for in their first homes?
Young individuals today may be delaying the purchase of their first house further than their parents did, but the enterprising Generation Z frequently sees the age of 25 as a cut-off for this.
Being the younger generation, who have been raised with instant gratification with an overload of information, they seem to be seeking houses in prime areas adjacent to employment possibilities and recreational attractions. They also favour functionality and low-cost, basic amenities that are less likely to malfunction. They are big on diversity, so no cookie-cutter homes or homogeneous local communities will do.
Gen Z is among the most risk-averse groups since the majority of them don’t recall a time before 9/11 and the widespread fear of terrorism. This indicates that you will need to convince them that your property is of high quality since they are considerably more careful and suspicious of issues.
It shouldn’t come as a surprise that the secret to attracting Gen Z homeowners is to speak their language as they are undoubtedly the most tech-savvy generation. More than millennials, Gen Zers like to be able to do as much as possible online, including applying for jobs and taking virtual tours.
How do you draw in millennial and Gen Z homebuyers?
The easiest solution to obtaining the confidence and attention of millennials and Gen Z is to use online services. It is considerably simpler and more enticing for youngsters with faster-paced lives to do tasks digitally, from advertising to submitting mortgage and insurance applications.
They like a straightforward user interface and an efficient service that often includes detailed property information that highlights special qualities and offers top-notch images and videos instead of general descriptions. They are often interested in any local features that make the place a more desirable area to live in than others.
You can also offer them floor plans and virtual tours that allow one to “walk around” the house for giving the room dimensions without really being there. Content should be optimised for mobile devices – as the majority of young folks use their phones for everything. Inexperienced first-time homeowners require a professional they can mail their inquiries.
It is impossible to overstate the significance of digital services when more than 1/3 of Gen Zers and millennials would even buy a property digitally without physically seeing it first.