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September, 2019
How much will your 'Forever Home' cost?

The latest research and data released by The Nottingham has revealed 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.

According to a survey of 2000 UK adults, 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.”