Most property buyers willing to pay £335,000 for their ‘forever home’, study suggests

Nearly half of respondents believe it's memories that make a house a home

Grant Bailey
Tuesday 02 April 2019 18:42
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The average property buyer would be willing to pay more than £335,000 for their ‘forever home’, according to a new poll.

The survey of 2,000 homeowners found the ideal first step onto the property ladder was a two-bedroom semi-detached home.

But this will then eventually be upgraded to a three-bedroom house which they intend to live in for the rest of their lives.

For those currently in their ideal home they spent an average of almost 10 years saving up to get the money together to buy it.

While two in five believed a house becomes a "forever home" based on the amount of memories made there, more than half though it is all down to it being in the perfect location.

“Everyone has dreams of what their ‘forever home’ could look like or include," said Angela Bowden, home insurance specialist for Swinton Insurance, which commissioned the study. “As we get older our families change, and our requirements in a home fluctuate – we need enough space for all of our kids to grow, but once they make their own way that space could be wasted.

“This is what makes our property journeys so interesting, from our first tentative steps in property ownership, to finally owning the home we have always dreamed of.”

The poll found the average homeowner believes they will have owned three properties by the time they reach the age of 65.

Although around one in 10 thought they would work their way through at least four other properties before settling down.

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UK homeowners stay an average of five years in it before moving to the next property, the survey suggested.

But the poll found a third of adults had difficulty taking their first step onto the property ladder, with the majority struggling to make enough money.

Forty percent believed it was harder to get on the property ladder than it was 20 years ago.

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