Most are not economically motivated to move, with more than half, 51.7%, saying that a lifestyle change is their main reason to consider moving, according the Housing Futures survey by Strutt & Parker which identifies important creeping trends which are taking shape in the UK’s housing market.
Some 35.5% said access to shops and amenities was a reason for moving, 32.5% said being closer to family and friends, 31.2% to reduce household running costs and 30.3% want a bigger home.
Another observation was the evolution of alternative family structures, with nearly 10% anticipating that they will be living a multi generational household, in the next five years. The UK has just over 500,000 households now containing three generations, an increase of 30% over the past decade according to the Office of National Statistics. The traditional concept of downsizing also seems to be changing.
‘Home buyers are not downsizing in the traditional way we expect to a smaller home with less land. Instead they might be reducing the land element of a property but keeping a big house, or moving to a cheaper location to release capital and buying a larger home,’ said Stephanie McMahon, head of research at Strutt & Parker.
The survey also asked what respondents would be looking for in a new home. The most desired future housing type by far was a detached house at a huge 82.9%, followed by a flat at 8.3%.
The preferred characteristics of these homes were, in descending order: period, cottage, new construction and conversion (tied), and post-war/modern. On a regional basis, cottages were the most desired type of home in the north east, whilst the south east was the driving force behind the post-war/modern style, bringing it into the top five.
While house builders have been increasing the delivery of two bedroom homes, the survey respondents will be looking for four bedroom homes, followed by three bedroom homes, and then not the two bedroom home, but the five bedroom home.
Nearly 95% of respondents wanted outside space with balconies, communal gardens and roof terraces having stronger desirability than private gardens in London than in the country. In the country, people were more interested in a small private garden, a large private garden of over one acre, patio, and a conservatory or a terrace. Outstanding views of the countryside and over water were also highly sought after.
Walking distance was also important to many, with shops, public transport and amenities and culture being the top three most important things to have close by.
They survey also showed that 50% of respondents owned their home outright, and 65% said they wouldn’t have a mortage in five years time.
