- Research by The Nottingham revealed that Brits believe they will be 41 years old before they move into their Forever Home, despite the average age actually being 36
- Gardens, garages and an en-suite were the most coveted features for a Forever Home
- One in five Brits think they will have owned two properties before they purchase the home they will live in forever
Aspiring homeowners estimate they will need to spend over £470,000 to purchase their Forever Home, according to new research by The Nottingham.
The survey of 2,000 adults looked into what age the nation anticipates they will move into their Forever Home, and what features they will look for in the home they are going to settle in long term. The research found that the nation believes they will be 41 years old before they purchase their Forever Home, despite the average age of those who had already moved into theirs being 36.
Glasgow and Liverpool residents were the most likely to already own their Forever Home, with 58% claiming they were already living in theirs, followed by Sheffield (56%), Cardiff (55%) and Manchester (49%).
Despite the average UK house costing £227,000*, the average amount the nation think they will need to spend to move into their Forever Home is £474,389. Staggeringly, one in ten (10%) claim they expect to be spending up to £1million on the property they will be living in for the rest of their lives, and one in 20 (4%) plan to spend up to £5million.
Location was the top priority for buyers choosing their Forever Home, with half (50%) of respondents choosing it as the most important aspect, followed by the size of the property (16%), the price (13%) and the aesthetics (8%). When it came to the features of the property, outdoor space was key, with over two thirds (68%) choosing a back garden as an essential for their Forever Home, followed by just under half (49%) expecting a front garden. A garage (45%), en-suite (39%) and at least three bedrooms (38%) made up the top five most coveted features.
Welsh residents were the most price savvy when it comes to their priorities, with one in five (20%) choosing price as their top factor for their dream property. Potential house buyers in the North East were the least affected by the cost of the home, with just 8% claiming the price is the most important factor.
Ben Osgood, Senior Mortgage Manager at The Nottingham, said:
“You would naturally assume people always want more so it’s really refreshing to see so many people realising they already live in their Forever Home. A home-buyer’s ‘wish list’ is often created when purchasing their first house but more often than not there’s a degree of compromise required when people are first getting on to the ladder.
“As you travel up the property ladder, taking the next step gets more and more expensive so we’re seeing an increasing number of people asking about additional borrowing so they can remodel and extend to turn their current home into somewhere they have no reason to move from. If you’re approaching the end of your fixed period, remortgaging is a great time to check for better deals or see if a change in circumstances means you can borrow more to tick off some of those things on your Forever Home wishlist.”
If you are unsure what you are looking for from your Forever Home, The Nottingham has created a fun quiz to help you on your journey to find your perfect property.
Take The Nottingham’s Forever Home quiz here: https://www.thenottingham.com/forever-home/
To find out more about remortgaging with The Nottingham, visit: https://www.thenottingham.com/news/remortgage-explained/
Research source: Research of 2,000 UK adults undertaken between 20th and 26th March by 4media on behalf of The Nottingham.
*The average UK house price was £227,000 in March 2019, according to the ONS UK House Price Index: March 2019: