If you are thinking about buying a new property or selling your current home within the next five years, then the results of a new survey for property trends may be worth considering.
That is because the Housing Futures study reveals some of the trends that are creeping in at the moment and are likely to shape the British property market in the future.
The factors unveiled could be important for you if you are planning to buy or sell within the next five years. It gives a valuable insight into the motivations of people and the type of properties that are likely to increase in demand over the next half decade.
The survey involved 1,000 participants and looked at housing needs today and in 2019. Most of the respondents were aged between 50 and 69, although 30 per cent of them were younger than this.
You could be forgiven for thinking that financial considerations would be the primary motivating factor prompting a house move for this group, but the survey found that more than half (51.7 per cent) move to prompt a lifestyle change. Other factors included wanting to be close to shops, services and family and friends, needing good public transport opportunities and wanting a cost-effective home to run.
At the moment, according to the Office of National Statistics, there are more than 500,000 properties housing three generations of one family — a massive increase compared to ten years ago, when the figure was 30 per cent less. This looks set to increase further, as ten per cent of respondents involved in the Housing Futures survey said they expected to be living within a multi-generational home within the next half decade.
Yet the property market also looks set to move increasingly in the completely opposite direction. This is because there are now around 3.8 million people who live alone. By the year 2033, it is expected that almost half (41 per cent) of all homes will be inhabited by just one person.
To put this into context, this means that in five years time the property market is likely to see increased demand for larger properties able to accommodate the needs of several different generations of one family and for small homes suitable for people living alone.
The survey also discovered a small drop in the number of people who own their own homes between 2001 and 2011 — from 70 per cent to 64 per cent — but a doubling in the number of people opting to rent privately over the last two decades. Today around 16 per cent of people choose to live in private rented homes. This compares to around eight per cent during the middle of the 1990s.
For more information about the latest property trends that may affect the buying or selling of your next home, please contact the team at Keywest Estate Agents Leicester today
