Brits Expect to be Living in Their Forever Home by the Age of 44

1st October 2015 posted in Property News Home Lifestyle

New research has found that house buyers across the country expect to be living in their forever home by the time they turn 44. Older homeowners appear to be more sceptical however, with a third of people over the age of 55 saying they do not believe a forever home, in which you would live for the rest of your life, even exists.

The survey by Tepilo, Sarah Beeny’s estate agent, suggests that the average house buyer in Britain has a budget of £205,221 and will own on average two properties during their lifetime. Once homeowners reach the age of 44 they have had the chance to move up the property ladder and start a family and are then in the right position to take out a 20 year mortgage which can be repaid by the time they retire.

When it came to a purchasing partner, homeowners made a different decision depending on where in the country they were looking. People living in Wales were most likely to buy a property alone (35%), whereas those house hunting in the North East were least likely to make a solo purchase (3%).

Tepilo surveyed 2,001 people and out of them 65% said that location was their main consideration when buying a new house. Buyers looked for good transport links, close proximity to shops and amenities, and a low crime rate when considering a location.

The number of bedrooms a property has was second on the list when it came to house-buying priorities, and garden size was also very important. Approximately 19% of those asked actually said that having a downstairs toilet would be their top priority when house hunting.

The size of a garden is an important factor for 41% of buyers, and 31% say the overall layout is their main considerations. Many house buyers are family orientated and wanted somewhere close to loved ones – for 65% of people in the North East this was a crucial factor, but it dropped to just 22% in the South West.

Of those surveyed, a tenth of them said they would pay £30,000 more than a property’s asking price in order to secure their dream home. London residents said they would pay at least £10,000 over the asking price to close a deal on their ideal property.

Sarah Beeny, owner of Tepilo, said:

“We're a nation that's obsessed with property ownership, so it's interesting to see how buyers are behaving and to discover the differences across the UK and amongst different age groups.

“It's also interesting to see that Brits' love of investing in property is still going strong, a trend I expect will continue as people increasingly look for alternatives to traditional pensions.”

Around a third of people from this survey had purchased their property as an investment and while half of those had bought a property for their child to live in while they were studying at university, 24% had done so as an alternative to having a traditional pension.