How many people will buy a home in the next 5 years?

The East Central Scotland property market could see an upturn in the next five years, with four out of five residents planning to make a move by 2017, according to a new survey.

Commissioned by the property marketing service, ESPC, the independent survey of nearly 650 people living in Edinburgh, Midlothian, East Lothian, West Lothian and West Fife, found that 82 per cent are looking at buying a property within the next five years - up from 55 per cent in 2011.

The vast majority (76 per cent) are thinking of moving from their existing property, while another 6 per cent (2011, 4 per cent) are considering buying property as an investment or for a relative.

The survey also revealed that 37 per cent described themselves as 'very' or 'reasonably' active in the property market right now with 14 per cent thinking about buying a property within twelve months.

Within the five year timeframe, twice as many first time buyers are likely to come on to the market compared to homeowners looking to sell an existing property and move on.

Neil Harrison, ESPC's marketing manager, also revealed that eight out of ten buyers buy locally based on data from Registers of Scotland. In 2011, 83% of the properties sold in EH and KY were bought by someone already living in the area.

He said:"Interestingly, when buying or selling, respondents to the survey said that online, showrooms and shop windows were equally important to the search.  With the majority of buyers of property already living in the area, it is vital that when advertising a home for sale, sellers take a local focus and build on local experience and knowledge by advertising online, in print and on the high street."

Research Notes

The research was carried out by Why Research Ltd during May 2012. The sample size was 641 people (68 per cent homeowners; 32 per cent not), who were questioned in face-to-face interviews.