Residential property developers are predicting a surge in the number of family homes that will be built over the next decade, signalling a move away from first-time buyer properties.
Property specialists Movewithus polled around 40 developers representing approximately half of the UK market.
It found that 64% of developers polled believe the level of development of properties with three bedrooms plus is set to rise significantly over the next ten years.
But only 39% of developers think that a similar number of first-time buyers properties will be built over the same period.
The development of so-called ’banker pads’, such as penthouse apartments, is also predicted to fall with 69% of developers believing less banker pads will be build.
Robin King, director at Movewithus director, says: “If the noughties were characterised by the rise and fall of two-bed apartments, then the current decade will be seeing the same sense of reality returning.
“Developers have reacted to the changing demographics and are starting to build what is required to live in, rather than what some people thought they could make a quick investment buck on.”