According to research by Lloyds bank, four in five (83%) believe homeowners have to wait a lot longer to reach their long term family home than they would’ve done a decade ago, with just under a third of people (31%) worried that their own financial situation will create a barrier to moving.
Four in ten (40%) still consider the housing market to be having an impact on aspirations, although this figure has fallen since 2013 (47%) and 2012 (53%). Almost half (48%) of first time buyers think that the housing market will have an impact on how long it takes them to reach their family home.
Despite this, over a third (36%) hope to achieve their housing aspirations by the time they are 45, and just under two in three (63%) homeowners believe they will reach their long term family home in less than five years. Almost two in three (64%) of those who are still waiting to be in their long term home think they will only have to make one more move to achieve their housing aspirations.
Even with anticipated delays in moving up the housing ladder, almost half (44%) expect not to make any compromises and believe their long term home is a realistic achievement and 18% expect it to be a better property than their childhood home.
The average price of a three bedroom home in 2014 stood at £190,420, with the average total income of the occupants being £46,140.
Applicants for three bed properties, which are seen by many as long term homes, are on average 35 years old in London and the South East. This is a year older than the national average. These regions remain the least affordable in the UK for three bed houses, as a result of the high house prices.
In contrast, long term family homes in the North and Wales are more affordable with the average three bed property costing £129,447 in the North and £135,070 in Wales. Average incomes of the applicants are lower (£38,606 and £36,390 respectively), but long term homes are still more affordable in both regions. As a result the average age of the applicants is lower than the national average (34) in Wales (33) and the same as the national average in the North.
Andy Hulme, Mortgages Director at Lloyds Bank, comments:
“Many current homeowners clearly still feel that they are not progressing up the ladder as quickly as they would like, with higher house prices in some regions meaning people are waiting longer to move into to their long term family home.
“Despite this, almost two thirds still believe they’ll be in their long term home in less than five years, with the vast majority thinking this will only require one more move.”
