People spend above average for ‘forever home’

Michael Lloyd

August 29, 2019

Aspiring homeowners estimate they will need to spend over £470,000 to purchase the home they will live in for the rest of their lives, The Nottingham has found.

According to the research, homebuyers don’t believe they will purchase such home until they are around 41 years, despite the average age of those who had already moved into theirs being 36.

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.”

Glasgow and Liverpool residents were the most likely to already own their forever home, with 58% claiming they were already living in theirs.

One in 10 claimed they expect to be spending up to £1m on the property they will be living in for the rest of their lives, and one in 20 (4%) plan to spend up to £5m.

Location was the top priority for buyers choosing their forever home, with half (50%) choosing it as the most important aspect, followed by the size of the property (16%), price (13%) and the aesthetics (8%).

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