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4 December 2012

Dreams of the ideal home thwarted

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by Gill Montia

Dreams of the ideal home thwarted

A third of homeowners expected to be further up the housing ladder than they are now, according to new research from Lloyds TSB.

Over half of those questioned believe current conditions in the housing market are impacting their aspirations, although the majority are only hoping for a three-bedroom detached property, while others are dreaming of a home with a garden and / or a garage.

Over half of respondents agreed that current conditions in the housing market have moved the goal posts when it comes to buying their dream home, whilst over a third are worried that their own financial situation will create a barrier.

The finding are supported by official figures that indicate people are staying in their existing homes for nearly twice as long as before the downturn began, with house sales in England and Wales averaging 636,000 a year between 2008 and 2011, compared with an average of 1,168,000 during the preceding 10 years.

In addition, the proportion of homes that are owner-occupied in the UK has fallen from a peak of 70% in 2002 to 65% in 2011.

Lloyds TSB managing director, Stephen Noakes, comments: “Despite having relatively modest dreams of what we expect our long-term home to be, it is not surprising that so many homeowners, and particularly those on the early steps of the ladder, feel that they will have to put the hope of securing their ideal home back a few years.”

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