THE LIFETIME OF HOME BUYING IN WALES
The average homeowner in Wales bought their first home aged 28, will live in seven different properties and will spend £26,246 on redecorating during their lifetime, according to new research.
They will typically move out of their parent’s home at 23 years old - the oldest of all the regions surveyed - and reside in two rental properties before getting on the property ladder for the first time. A typical Welsh homeowner will end up living approximately 61 miles away from their childhood home, and will live in only TWO cities their entire life.
The average mortgage will take 19 years and nine months to pay off - 12 months below the UK average. This will cost a total of £128,107, which is £6,758 lower than the typical national spend.
While a total of £12,855 will be spent on hiring removal vans, paying the legal fees and paying the stamp duty. This is £1,283 below the UK average.
The research of 2,000 UK homeowners was commissioned by Origin, manufacturer of bespoke aluminium bi-folding doors, residential doors, windows and blinds. It looked at the different stages of property
THE FIVE STAGES OF BEING A HOMEOWNER Based on research by Origin, leading manufacturer of bi-folding and residential doors, windows and blinds.
buying for the average British homeowner and how property aspirations change over time. Ben Brocklesby, Director at Origin, said: “With the cost of moving so high, we have seen that families now choose to improve their current homes, rather than move.
“Many years ago, a home would be for life, but that changed and people started moving as their needs changed – whether it be as a result of new job or starting a family. “However today, we are seeing a resurgence of people choosing to renovate and improve their current property so it fits with their needs without incurring moving costs.” Typically, it takes four months and three weeks to get settled in to a new home – while over half of adults described moving home as the most stressful thing they’ve ever done. On average, respondents will contribute towards two separate mortgages over their lifetime, and will typically look to downsize age 56.
PENTHOUSE PRETENDERS
These first time homeowners want a low maintenance property with the wow factor.
• Home worth £245,405 • Low maintenance • Nicely decorated • Double glazing • Large rooms • Great views
The average UK property is estimated to be worth £249,127 on average among those polled – while the typical mortgage is £542.41 per month.
MULTI-SPACE RENOVATORS
The pitter patter of tiny feet means their home now has to support a growing family.
• Home worth £238,064 • Potential for renovation • Areas for children to • play and work • Open plan living • High ceilings • Big kitchen
Of those who have ever had a mortgage, 39 per cent have paid it off, with the largest proportion of them - 27 per cent - aged 55 and over. Of those surveyed, more people – 29 per cent – live in properties built before the 1950s than from any other period.
The average UK home has three bedrooms, while eight in 10 adults own a home with off- road parking and over half own a house with a garage.
DYNASTY DWELLERS
Multiple generations of the same family all under one roof means the home has to suit everyone’s needs.
• Home worth £258,641 • Separate living room for the kids • Granny annex • Laundry room • Space for socialising • Garage • Large kitchen and garden
The most popular style of interior is ‘modern’ followed by ‘English country’ and ‘minimalist’. Seven in 10 homeowners jointly own their property with their partner and a fifth received money from their parents to help them get on the property ladder. A third of home owning Brits currently live in a semi-detached property, over a quarter live in a detached house and 15 per cent live in a terraced home.
ZONEOWNERS
Separate areas for adults and teenagers are vital for harmonious living.
• Home worth £278,956 • Separate office for adults • More than one bathroom • Enough bedrooms for everyone • Private garden
The research also explored what UK homeowners of different demographic groups consider to be most important about their homes.
TEN FACTS ABOUT THE AVERAGE HOMEOWNING BRIT:
FULL SPEC FINDERS
These retirees know what they want from their forever homes and can afford to splash out on a few luxuries.
• Home worth £260,200 • Stylish décor • Smaller, more manageable garden • Downstairs toilet • Separate dining room • Double glazing
• Bought first home aged 26 • Will live in seven different properties throughout their life
• Spends four months and three weeks settling into a property
• Will spend £26,295 redecorating • Will take 20 years and nine months to pay off their mortgage
• Moves out of their parent’s home aged 21 • Will have two mortgages • Downsizes at 56 years old • Will live in two different cities • Will spend £134,864.82 paying off their mortgage
18 New Homes Wales and the South West
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