Lifetime of home buying revealed

Research of 2,000 UK homeowners by Origin reveal a review of home buying.

Research commissioned by Origin, manufacturer of bespoke aluminium bi-folding doors, residential doors, windows and blinds, revealed that the average British homeowner bought their first home at the age of 26, and will live in seven different properties during their lifetime. The research estimated that they will spend £26,295 on redecorating during their lifetime.

UK adults will typically move out of their parent’s home at 21 years old and reside in two rental properties before getting on the property ladder for the first time.

The typical homeowner will end up living approximately 66 miles away from their childhood home, and will only live in two cities their entire life.

The average mortgage will take 20 years and nine months to pay off – costing a total of £134,864.82 in the process.

The research looked at the different stages of property buying for the average British homeowner and how property aspirations change over time.

Ben Brocklesby, Director at Origin, said: “With the cost of moving so high, we have seen that families now choose to improve their current homes, rather than move.

“Many years ago, a home would be for life, but that changed and people started moving as their needs changed – whether it be as a result of new job or starting a family.

“However today, we are seeing a resurgence of people choosing to renovate and improve their current property so it fits with their needs without incurring moving costs.”

On average, respondents will contribute towards two separate mortgages over their lifetime, and will typically look to downsize age 56.

The average UK property is estimated to be worth £249,127 on average among those polled – while the typical mortgage is £542.41 per month.

Of those who have ever had a mortgage, 39% have paid it off, with the largest proportion of them – 27% – aged 55 and over.

Of those surveyed, more people – 29%– live in properties built before the 1950s than from any other period.

The average UK home has three bedrooms, while eight in 10 adults own a home with off-road parking and over half own a house with a garage.

Seven in 10 homeowners jointly own their property with their partner and a fifth received money from their parents to help them get on the property ladder.

A third of home owning Brits currently live in a semi-detached property, over a quarter live in a detached house and 15% live in a terraced home.

The research also explored what UK homeowners of different demographic groups consider to be most important about their homes.

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