Thirtysomethings want an escape to the country
Six in 10 thirtysomethings and over half (51%) of twentysomethings said that lockdowns had made them rethink where they’d most like to live, said Experian.
And many are planning an escape to the country.
Dreams of a rural location were highest among people in their 30s (74%), with 58% of this age group suggesting location was more important than the property itself.
Owning a city centre flat is now deemed to be outdated by 46% of those surveyed, with 69% saying they would rather buy a semi-detached house in a rural area.
What buyers want
Gardens topped the 10 must-have features people look for in properties, reflecting the growing demand for more outdoor space following the lockdowns:
- A garden: 74%
- Access to private parking or a driveway: 58%
- A spare bedroom: 55%
- A bath: 39%
- A pet friendly property: 29%
- The option to build an extension in the future: 20%
- A fireplace: 20%
- Wooden floors: 17%
- Bay Windows: 15%
- A period property: 13%
Keen to buy
The research found nearly two fifths (38%) of Brits said they were considering buying a new home within the next five years, rising to 67% of people in their 20s and 66% of those in their 30s.
Even though they want to own a home, 57% of people in their 20s and 55% in their 30s were worried that they would never be able to afford to buy a property or raise enough money for a deposit.
The same groups worry they’ll never appear ‘mortgage-ready’ to providers, with 49% of people in their 30s and 42% in their 20s concerned about this.
James Jones, head of consumer affairs at Experian, said: “Our research suggests high interest in home ownership is likely to continue over the next five years, as the pandemic shifts people’s aspirations as to what constitutes a dream home. Green spaces are now more desirable for the majority of those looking for a property, while for those in their 20s living close to work is influential in their home choice.
“Deciding where you want to live and what kind of home you want is exciting, but people are clearly concerned they might not be able to afford a move. There are a number of government schemes such as the Lifetime ISA and Help To Buy that could help people, while knowing your credit score and taking steps to improve it will stand you in the best possible position to apply for a mortgage.”
“People with high credit scores tend to be able to access the best mortgage rates, so it’s worth taking some time to make sure your credit score is in the best possible shape while also thinking about where you want to live”.