5 Factors affecting the buying process

The property market has always been hugely affected by a whole range of different external factors. The factors that impact buying decisions are numerous, but top factors that tend to influence purchases include buyers' incomes, government schemes, pricing, property types and the life stage of purchasers.The latest edition of the TwentyCi Property & Homemover Report has revealed how these factors have transformed the shape of today's property market, giving us insight into what the latest statistics say about today's buying decisions. Let's take a closer look into the findings of the latest research, to shed a little light on the current market.Household income bandsThe TwentyCi Property & Homemover Report for Q3 2019 unveiled the household income band that happens to be buying and selling more than any other at the moment.Currently, households earning between £20,000 - £50,000 are buying and selling the most properties, proportionally. Households falling into this income bracket are selling and buying significantly more than they would have been this time last year. It is likely that this is largely down to the availability of government schemes such as Help to Buy.Households earning less than £15,000 are currently finding it more difficult to sell their properties than they were a year ago. Households earning top income brackets appear relatively unaffected by the current climate, with little to no change in the numbers or sales and purchases for this group.Available schemesWe touched on Help to Buy as an impactful factor in purchasing decisions, and it's worth noting that the availability of similar schemes continues to impact buying decisions in today's market. It's highly likely that the rise in purchasers in the £20,000 - £50,000 income bracket has resulted from an increased uptake in schemes such as Help to Buy, as well as other perks such as the Help to Buy ISA, which provides £50 for every £200 saved towards a deposit every month. With property prices stagnating and even dropping in some areas, first time buyers are uniquely placed to take advantage of a slow market.Property pricingThe properties that sold best in Q3 2019 were valued at £300,000 and below. Exchanges were up across all property price bands to this value, when compared with the same period last year. This supports previous findings on the households most likely to buy and sell during this quarter, in terms of overall income. As well as an increase in properties in this affordability bracket, the report found some growth in properties priced at £1m+. This growth is of course less significant that the year on year increases of more affordable properties, but it is notable nonetheless.Property typeIn the third quarter of 2019, top selling properties were of a very specific kind. Most popular during this period were semi-detached and terraced houses. Homes of this type experienced the highest level of growth during the quarter. Close runners up included bungalows and detached homes, with some growth in these types of purchases in Q3 2019. Property type remains an important factor affecting buying decisions, with the types purchased most consistent with housing stock outside of central London.Life stageLife stage will always be a hugely influential factor in property decisions, no matter what shape the market happens to be in. In the third quarter of 2019, we saw a marked growth in purchases from the 18-35 age group, which reflects the current comparative ease for younger first-time buyers to become homeowners. In today's market, it's simpler for this group to purchase their first home than it is for older demographics to exchange properties. There was also some growth in purchasing decisions from the 66+ age group, but this was at a slower rate.---Choosing to buy or sell a home is one of the biggest decisions many of us will ever make. Despite a slowing down in the market, many UK residents are still choosing to move, or indeed purchase a property for the very first time. Buying decisions are being influenced by the same factors as you might expect during any other period, but the ways in which these factors have affected the purchases being made reflects the concerns of today's buyers, and indeed the new opportunities available to them.Take a look at TwentyEA's highlight of the lastest Property & Homemover Report for greater insight into the purchasing decisions of Q3 2019, and find out what the statistics say about the current market.