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10 Apr 2019

Brits Save For Ten Years To Afford Forever Home

Homeowners who are already on the property ladder still have to save for several years to be able to make the final step, with Brits typically putting money aside for a decade before their ultimate property purchase.

According to the latest findings from a OnePoll survey, commissioned by Swinton Insurance, the average UK adult expects to pay around £335,000 for their forever home, while their first house tends to cost less than half this at £132,563.

Therefore, while the average age for first-time buyers is 28, many believe they will have owned three properties by the time they are 65, with ten per cent anticipating this number could even be greater than five.

Angela Bowden from the insurance provider was quoted by Property Wire as saying: “Everyone has dreams of what their forever home could look like or include. 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.’

Indeed, while average first-time properties are two-bedroom semi-detached houses, forever homes are only larger by one bedroom, the survey revealed.

Homeowners who want to avoid several property purchases could instead renovate their house to ensure it is in keeping with their family’s needs.

Major home renovations, such as extensions, can add longevity to a home, creating extra rooms a growing family needs. However, smaller projects, including changing kitchen tiles in Essex could simply help keep a property modern and up to date. 

They can also help personalise your house, with leader designer at Dream Kitchens Jason Vanderhovel telling Kitchen & Bath Design News that more homeowners are looking to make their properties unique these days.

Something that really helps to do this is tiles, as these individualise a kitchen or bathroom, making your house really feel like a forever home.