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New research shows that the aspiration to own a “forever home” is less relevant to younger generations.
According to one survey, nearly two-thirds (63 percent) of homeowners age 34 and younger believe this concept holds less importance than their parents’ generation. Property website Zoopla,
Traditionally, people would have been aiming towards the idea of buying Property In which they can live for decades and raise their family.
But this shift stems from decades of rising home prices, which has pushed many people into longer rental periods and delayed entry property ladderChanges in modern lifestyle, including Divorce Or the need for flexibility in work also contributes to reducing the likelihood of settling in one place for a long period of time.
Across all age groups, the survey found that almost a third (30 per cent) of homeowners still feel that they have still not found their permanent home.
Only 7 percent of homeowners surveyed view the home solely as “a financial asset that should be taken advantage of when the market is right”, however, among those 34 and younger, 23 percent of those surveyed feel the same way.
The younger generation is also preferring homes that have the potential to add value repairResearch indicated.
While almost half (49 percent) of homeowners surveyed across all age groups said it was important to have the option to refurbish their property, this rose to 82 percent of homeowners aged 34 and under and 57 percent of those aged 35 to 54, according to a survey of 2,000 homeowners conducted across the UK in October by Opinium.
Daniel Copley, a consumer expert Zooplasaid: “The dream of a forever home has not disappeared, but its definition is being completely rewritten by the younger generation. They are extremely cost conscious and view their property not as a temple to permanence, but as a flexible asset that should align with their rapidly changing lives.”
Glynn Gibb, regional director of estate agents John D Wood & Co, said: “The idea of a forever home remains an attractive concept and will always have a certain romance to it, but for many buyers today, life moves too fast to aim for permanency.
“Careers, families and priorities all change, and people are realizing that their home needs must change with them.
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“Instead of chasing a forever home, today’s buyers are focused on finding the right home for this stage of their lives – one that fits their current lifestyle, supports their ambitions for the next few years, and gives them the freedom to move when life requires.
“It’s a more realistic, empowering way to think about home ownership – and it’s an opportunity to reevaluate what home means as life progresses.”
Nathan Emerson, chief executive of Propertymark, said: “Young buyers are prioritizing flexibility, affordability and the ability to add value through renovation, rather than aiming to own a forever home.
“It reflects today’s realities housing marketWhere changing job opportunities, lifestyle needs and financial pressures mean that people are relocating more frequently and viewing property ownership as both a move and an investment.
“Many young homeowners are looking for homes that can grow with them, properties with the potential for renovation, access to good transport links and strong local amenities.
“However, the market needs to continue to support mobility and affordability, ensuring people can make these changes without being hampered by supply shortages, high transaction costs or limited mortgage options.”