A major new survey has cast a fascinating light on the trends of the modern housing market.
The Housing Futures survey by Strutt & Parker identifies important new factors shaping the decisions of buyers.
And it offers insight into how an influential group of buyers and sellers envisage their housing needs both today and in five years’ time.
The top reason identified for moving home was revealed to be not for financial reasons but for lifestyle change.
Releasing cash to help out a pension or to support the family were the least important reasons for moving.
Other popular reasons for moving were access to shops and amenities, being close to family/friends, reducing running costs and needing a bigger home.
The survey also revealed the emergence of alternative family structures, with nearly 10 per cent anticipating that they will be living as ‘The Waltons’ in a multi-generational household, in the next five years. The UK has just over 500,000 households now containing three generations, an increase of 30 per cent over the past decade according to the ONS.
The traditional concept of downsizing also seemed to be evolving. Stephanie McMahon, Head of Research at Strutt & Parker, said: “Our initial findings points towards a new trend in people wishing to right-size, or what we refer to as ‘My-sizing’.
“Home buyers are not downsizing in the traditional way we expect to a smaller home with less land – instead they might be reducing the land element of a property but keeping a big house, or moving to a cheaper location to release capital and buying a larger home.”
The most desired future housing type by far in the survey was a detached house.