What is your perfect property?

Posted: 06/12/2012

If you were able to purchase your perfect property, what would it be? A palace, a castle, a detached cosy country cottage, a city apartment, a beach hut or even a charming canal boat?

Lloyds TBS recently asked this question to the majority of homeowners in the UK and found that the most desired property is a detached three bedroom home rather than anything extravagant.

Two thirds of the homeowners who participated in Lloyds TSB’s research also wanted a house with a garden and just over a third wanted a garage as well. Unfortunately, one in five homeowners realised that they may never live in their dreams home and will probably have to reassess their expectations as they move up the property ladder.

Sadly, one in five first time buyers believe they won't be able to buy their dream home until they are 36 to 45 years old and a further one in ten think they will be aged 46 to 55 before they are living in their perfect property. A third of homeowners also expected to be further up the property ladder than they are now but those who are on the second rung of the property ladder seem to be more optimistic, with one in five believe they will have purchased their dream home by the time they are 36 to 55 year old. In contrast a massive 24% of homeowners believe they will have to wait until they are 56 before they are able to purchase their dream home.

However, even though it seems an almost impossible task to take that  first steps onto the property ladder, home ownership is still the long term goal for a quarter of aspiring home owners rather then becoming a life time renter.

Clydesdale and Yorkshire Banks surveyed new home buyers and potential first time buyers across the UK and a found that a third believe homeownership makes more financial sense and one firth trust that it is cheaper to buy a property than rent. This also ties into the 23% of potential first time buyers that believe purchasing a home is a good investment for the future.

To be more specific, 42% of home owners in the South East claim that it makes more financial sense to purchase a property compared to 25% in the East of the country. Then a third of those who were surveyed in the Midlands believe that home buying is a good investment for the future compared to just 9% of the homeowners questioned in Wales. 50% of the people that were surveyed have rented a property before purchasing their first home although 7% of those people admitted to having to move back in with parents, family or a friend in order to save up for a deposit. A massive 70% of respondents in the North West have rented a property before becoming first time buyers.

How realistic is it that you will be living in your perfect property when you reach the desired age, if you haven’t already made your dreams come true of course? Did you used to rent a property before moving into your first home and if not, do you believe staying with family or a friend made it easier to save up for a deposit?

Amanda McGovern, Pali Ltd

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(0) Comments property, homeowners, housing, house, first time buyers, deposit
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