British home owners are waiting longer to move up the property ladder
Research carried out last year has revealed that an incredible 83% of British home owners have to wait longer than ever to reach their goal of owning a long-term family home compared to just a decade ago.
The survey which was carried out by Lloyds Bank also found that 33% of Brits should be further along the property ladder than they currently are. Thanks to the never-ending rise in house prices however, it seems as though people simply don’t have a choice about staying in their first home for longer than they originally planned to.
40% of people surveyed said that they also feel the highly competitive housing market has an impact on their aspirations to move to a bigger property. This figure has fallen since 2013 however when 47% of people felt this way and 2012 when this number was at 53%.
Naturally, first-time buyers are being hit hard with nearly half (48%) saying that the housing market has an impact on how long it takes them to become a home owner.
Despite the difficulties that Brits are facing to get onto or move up the property ladder, it seems as if they still have high hopes for their future however. 44% say that even though it's harder than ever, they still won't make any compromises when choosing a home and they believe that this is something that's still a realistic achievement.
63% believe that this is a goal they will reach within the next five years and 64% think they will only have to make one more move before they will be able to achieve their long-term housing aspirations.
If you live in London or the South East then chances are that you will have to wait longer than the rest of the country to own your dream three bedroom property. The average age of applicants for this type of house is 35 - a year older than the national average.
This is a stark contrast to the North and Wales however where properties are much more affordable. The average three-bedroom house in these areas will set you back between £129,000 and £135,000. In London, the average price of a three-bedroom property will set you back a staggering £1.3 million.
The Lloyd's survey also revealed that the majority of home owners (43%) aspire to own a three-bedroom property. 24% want four bedrooms and many dream of having a nice garden and high quality kitchens, bathrooms and conservatories.
If you wish that you could have more space in your home but can’t move at the moment, why not consider freeing up some valuable space in your home by putting your less frequently used possessions into self storage? If you would like any information about our facilities, please feel free to contact M Store and a member of the team will be more than happy to help.