Door and Window manufacturer Origin have uncovered the Five Stages of Homeownership, after talking to 2000 homeowners in the UK – and we think their findings are scarily accurate!
The Buyers Timeline
The average age that UK homeowners bought their first property was 26, although we commonly move out of our parent’s homes at the age of 21. We’ll most often have two rental properties under our belts before we take the plunge and jump on the property ladder. But once we get on it, there’s no stopping us – the average Brit lives in no fewer than SEVEN different homes throughout their lifetime!
Mortgages – The Scores on the Doors
The average mortgage takes us 20 years and 9 months to pay off, costing a total of £134,864.82 in the process. Most of us look to downsize around the age of 56.
Typically, it takes four months and three weeks to get settled into a new home. But it’s far from a relaxing experience – over half of us describe moving as the most stressful thing we’ve ever done.
Homeowners will end up living approximately 66 miles away from their childhood home on average – and will only live in two cities their entire life.
Ben Brocklesby, Director at Origin, said: “By speaking to homeowners of all ages we have identified five distinct stages homeowners currently go through: The Penthouse Pretenders, Multi-Space Renovators, Dynasty Dwellers, Zoneowners and Full Spec Finders – each have different priorities for the layout, style and function of their homes.’
1: Penthouse Pretenders
A private garden, big bathroom and lots of natural light are among the most important aspects of a home for young couples with no children. Homeowners at this stage also want a nicely decorated home with big windows, period details and great views.
2: Multi-Space Renovators
Couples with children under five years consider a playroom and a homework area for children to be nigh on essential. A house with potential for renovation is also important – along with proximity to schools and their place of work.
3: Dynasty Dwellers
Families of multiple generations living under one roof said having a separate living area for children and having a ‘granny annexe’ are key to what they want in a home.
For families with teenage children, a separate work space is a must – while having more than one bathroom is also important.
5: Full Spec Finders
This group refers to retired couples whose children have flown the nest – and having lived in at least eight properties, they know exactly what they want from their homes. Top of the list for Full-Spec’ers are a separate dining room, double glazing and a downstairs loo.
Whichever stage of home ownership you’re in, we can help you sell your home to the right buyer, or find your dream house on the next stage of your journey. Our customers love us, and you will too. Call us on 01235 751 888 or email: firstname.lastname@example.org for a no-obligation chat.