Oftentimes we hear that millennials are responsible for the growth of shared economy – mainly because we’ve got outrageous student loans to pay off and look for cheap and comfy ways to get a nice place during our holidays (cue AirBnB). But many of us would love to have their own place someday – even if the thought seems unrealistic when you’ve just graduated. But the new research commissioned by Origin reveals what the statistical homeowner’s house looks like.
The research has proved that an average Londoner buys their home at 27, having lived in seven different places before and spending £34,098 on redecorating in the meantime.
“Many years ago, a home would be for life, but that changed and people started moving as their needs changed – as a result of a new job or starting a family,” Ben Brocklesby, Director at Origin, said. “Today, we are seeing a resurgence of people choosing to renovate and improve their current property so it fits their needs without incurring moving costs.”
The company has mapped the journey of the average homeowner based on the experiences of 2,000 UK property holders. Having moved out of their family home at 21, most of the Londoners will end up living 79 miles away from their parents’ home – and they normally live in three cities their entire life.
Then, when they do get a mortgage, it’ll take them more than 21 years to pay off. It’ll cost them £190,025 – not surprisingly, it’s the highest rate in the country, around £55,150 more than the nationwide cost. A typical mortgage UK-wide costs £542.41 per month. The surveyed confessed that 39% of them have paid it off already, most of them in their late fifties and older. Seven out of ten have bought their property with a partner, and 25% asked their parents for help.
When it comes to making the newly acquired property your home, it takes four months and three weeks to make it cosy and settle down – and probably a fair share of the aforementioned redecorating number. The average homeowner describes their home as modern, followed by English country and minimalist. A typical home is claimed to be a three bedroom one, with a third of homeowners across the country living in a semi-detached house – which is quite optimistic when Londoners think of it… However, as many as 30% of the participants admitted that they live in buildings raised before the 1950s. They’ve also constituted the biggest group.