Millennials would pay extra £100k for an Instagram-friendly home
Nearly three quarters of young Brits would be willing to pay a premium to buy a property in an “Instagrammable” area, research shows.
The average millennial would spend over £100,000 more than planned if it meant their home would look good on popular social media site, Instagram.
The survey by M&S Bank found 92% of under 35s would compromise on size or practical features of a property to be in a “cool, desirable location”, with many now prioritising high ceilings and exposed brickwork over a garage and driveway.
So-called “Instagrammable” features are more important to them than the cost of council tax, access to a GP and school catchment areas.
Home office spaces, loft conversions, polished concrete floors and even garden fire pits were also among the list of ‘asks’ for a photo-worthy first home – as were log burning stoves, stained glass and freestanding roll top baths.
According to the study, 20% of young people worry they should be moving up the property ladder faster and 27% feel pressure to keep up with others to have the ‘picture perfect’ home.
Paul Stokes, head of products and customer experience at M&S Bank, said: “Our research highlights the home sellers aiming their property at millennials might want to review their For Sale adverts, with the list of priorities proving very different to the traditional asks of a driveway and good school nearby.”
What under 35s require in their ‘picture perfect’ home:
Kitchen island – 49%
Nice views – 46%
Underfloor heating – 46%
A spa style bathroom – 45%
Loft conversion – 37%
Open plan living space – 36%
A garden fire pit – 34%
High ceilings – 33%
Home office space – 33%
Log burning stove – 32%
Walk in wet room – 32%
Large garden – 31%
A designer oven – 28%
A butler sink in the kitchen (deep ceramic) – 23%
A statement floor to ceiling window – 22%
Designer wallpaper/paint – 20%
Freestanding roll top bath – 18%
Exposed brickwork – 17%
Original period features – 16%
Shutter plantation blinds – 16%
Polished concrete floors – 16%
Stained glass windows – 16%