12 Apr HOME BUYING TRENDS IN EAST ANGLIA REVEALED
The average homeowner in East Anglia bought their first home aged 27, will live in eight different properties and will spend £19,434 on redecorating during their lifetime, according to new research.
They will typically move out of their parent’s home at 22 years old and reside in two rental properties before getting on the property ladder for the first time.
A typical homeowner in the region will end up living approximately 74 miles away from their childhood home, and will live in only THREE cities their entire life.
The average mortgage will take 21 years and six months to pay off – nine months above the UK average. This will cost a total of £125,707, which is £9,158 lower than the typical national spend.
While a total of £18,254 will be spent on hiring removal vans, paying the legal fees and paying the stamp duty. This is more than £4,000 above the UK average.
The research of 2,000 UK homeowners was commissioned by Origin, manufacturer of bespoke aluminium bi-folding doors, residential doors, windows and blinds.
It looked at the different stages of property buying for the average British homeowner and how property aspirations change over time.
Ben Brocklesby, Director at Origin, said: “With the cost of moving so high, we have seen that families now choose to improve their current homes, rather than move.
“Many years ago, a home would be for life, but that changed and people started moving as their needs changed – whether it be as a result of new job or starting a family.
“However today, we are seeing a resurgence of people choosing to renovate and improve their current property so it fits with their needs without incurring moving costs.”
Typically, it takes four months and three weeks to get settled in to a new home – while over half of adults described moving home as the most stressful thing they’ve ever done.
On average, respondents will contribute towards two separate mortgages over their lifetime, and will typically look to downsize age 56.
The research also explored what UK homeowners of different demographic groups consider to be most important about their homes.