Brits are not happy with the size of their home until well into middle age, new research shows.
According to the survey, the average age a person is satisfied with the size of their property is 48.1, suggesting salaries are not allowing for workers to find the home of their dreams until well into their 50s.
The research by StoreFirst.com, which interviewed 1000 UK residents, found the average salary of those who declared themselves happy was £37,720, meaning that many Brits may have to reach a mid-management level role before they can afford a home they are happy with.
Over two-thirds of those questioned (71%) who said they were not happy with the size of their home were homeowners, suggesting an overwhelming number of Brits are unable to afford a suitably sized home.
The survey comes after figures from the ONS revealed UK house prices had increased by 5.2% this year to £284,000.
Oliver Kitson, operations manager at Store First, said: “The findings from our survey seem to reflect the increasingly difficult climate for those seeking to get on the property ladder and move up to their desired level. A frustrating consequence of this reduced space within our homes is clutter, which sadly is a scenario most people are familiar with. There are possessions which we can’t bear to part, but that are actually affecting our quality of life when at home.”
Sir I don’t think that this issue only applies to under 50 year olds, my wife and I have been searching for a property for over two years and find that the market has nothing to offer us for something over 100m2. I am 70 and my wife 68 and are both active people.
It appears that the Architects, Developers and Builders are all of the same mind that 70m2 is adequate in this current market. I would suggest a bit more thought was put into this and they don’t consider providing adequate parking for these new properties.
I worked in the construction industry all my life, in a senior management position, and under current EU regulations each new property must be provided with 2 allocated parking spaces, this has been in effect since 2006.
On my last project in Gibraltar we were forced into providing these 2 spaces which ate into the public parking facility we had designed in this development.
Secondly Developers and builders are still building on Flood plain areas and not making any allowance to avoid the recent flooding issues we have had I the UK.
I am of the opinion that Building permits are being handed out with no thought going into the impact this has on the community.
Regards
Keith Mack
Im not surprised like you say larger houses are over the limit for mortgages. Also inheritance must be at its lowest ever due to the increasing cost of being old. Residential and Nursing Home care cost is apauling and leaves people who own a house and payed mortgage all there life with nothing. I certainly will be selling up and renting property 7 years before I passaway. What is the point in owning your own house nowadays wether its large or small . Bring back more council houses,
Amazing! Unless you read RIBA’s report titled “The Case for Space” which points out that Europe and London have minimum space standards, but otherwise our planners will allow rabbit hutches to be built as sustainable homes for people.
If you don’t like it, nag your MPs and councilors.