06/10/2021 | Press release | Distributed by Public on 06/10/2021 02:18
According to new research from Barclays Mortgages, the pandemic has supercharged our search for the dream property, with over half of homeowners (53 per cent) bringing forward their plans to find their Forever home.
When asked, British homeowners described their Forever Home as a detached property with at least three bedrooms, allowing for a spare room to comfortably accommodate guests. Meanwhile, after being cooped up inside for the best part of a year, we cherish space along with a garage and a large garden.
Top ten features British homeowners look for in their Forever Home:
1. Off-road parking (46%)
2. At least three bedrooms (46%)
3. Garage (42%)
4. At least one spare bedroom (42%)
5. Garden terrace/patio area (41%)
6. A large garden (40%)
7. En-suite (35%)
8. Good storage solutions (34%)
9. At least two bathrooms (33%)
10. Entertaining space (27%)
Commenting on the findings, Laura Jane Clark says: 'Making a house your Forever Home is a property dream for many. This research from Barclays shows British homeowners have a strong idea of the core elements they want in their Forever Home. This is a great place to start. When you've found the foundations of your dream home that make it right for you, you can add to it over time to make it truly your own.'
Location, location, location
The pandemic may also have had a lasting effect over how we view our dream location, with a busy urban life bottom of the list of requirements for a Forever Home. Instead, in a bid for more peace and quiet, a tranquil seaside neighbourhood is now the ideal location.
The research from Barclays further revealed that proximity to local shops, outdoor spaces and friends and family members are the most important location factors for British homeowners when finding their home for life.
The price is right
Homeowners are prepared to cough up the cash, with almost a quarter willing to pay nearly £200,000 more than the average UK house price on their dream home. In fact, they admitted to happily spending over £450,000 on the property and additional renovation costs to make it a home they want to spend the rest of their lives in. This comes as 8 in 10 homeowners purchased a forever home that required work. But it's those aged 18-24 who are willing to pay the highest price at more than £750,000.
Laura Jane Clark continues: 'I speak to so many people who have the notion that they'll just 'know' a property is for them; that as soon as they enter a property that they'll get a wave of certainty that this is 'the one'. Yet more often than not, a Forever Home is one that you grow into.
'It's not impossible to completely transform a house with something like a loft conversion or kitchen renovation to create those double doors looking out to the back garden for when your family comes over.'
According to the architect
Barclays has a range of mortgage products available to help Brits when purchasing their Forever Home. This includes the green mortgage for first time buyers, family springboard mortgages and fixed rate mortgages.