30 Dec East of England’s ‘Forever Home’ More Unattainable than Ever
A new study amongst homeowners has revealed that East of England residents’ ideal ‘forever home’ is a detached, four-bedroom, two-bathroom property worth £600,000.
The research found that, whilst residents’ expectations for their ‘forever home’ have become more ambitious in recent years, with prospective buyers wishing for an additional two rooms in their future home, they now expect their dream home to cost £153,000 (34%) more than this time five years ago.
This, coupled with the ongoing cost of living crisis, means that 70% of those in the region are now concerned they’ll never be able to afford their ‘forever home’.
Despite this, the research, which was conducted by Origin, the UK’s leading provider of doors and windows, demonstrates that, as a nation, we are more determined to own our ideal property than ever before. In fact, 47% of Brits are actively saving for their forever home, compared to just 33% in 2017. To help achieve this, many are working longer hours, taking fewer holidays, and going out less.
The study also shows how recent events, including the ongoing cost of living crisis, have impacted our priorities for our properties. For example, whilst Brits still want their future homes to include modern features like bi-folding doors and large windows, buyers are now prioritising good energy efficiency over other luxuries, such as a bath, a shed, or a summerhouse.
In addition, the pandemic has led to a significant change in perspective buyers’ demands. 80% of Brits think that outside space is more important in a home now than it was pre-pandemic, whilst 72% claim that natural light at home is more vital than ever. Plenty of indoor space and stylish interiors are also increasingly important to Brits, suggesting that the way we use and view our homes has evolved.
Ben Brocklesby, Director at Origin, said: “We’ve been tracking homeowner trends for 20 years. However, the last five years have seen the most rapid and significant change in the way people view and use their homes for decades.
“Our research demonstrates that, despite the challenges face prospective buyers, our homes are more important to us than ever before. So much so that Brits are willing to work longer hours and sacrifice family holidays to achieve their dream home. The research also shows that Brits are increasingly recognising the impact their environment has their overall health. As a result, they are prioritising homes with features that promote wellbeing, such as natural light.”
