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The housing market in the UK is experiencing a number of key trend changes which mean the more people are living along and more are renting a home for the long term, new research has found. Of the 43% of those taking part in the Housing Futures Survey by Strutt & Parker who are single and planning to move in the next five years, some 75% expect to be living along and 45% of those aged 18 to 29 indicated they would consider living in a professionally managed private rental unit. The research suggests that future housing types and location decisions are being altered by access to technology. Nearly 36% of the respondents who were intending to move listed broadband connectivity as important or very important in their motivations for moving, and nearly 20% listed mobile coverage. It also suggests that alternative family structures are becoming more common, with 15% of respondents who intend to move anticipating living with more than one generation under the same roof compared with 10% in the previous survey. There is little sign of home owners planning to raise capital for pensions and their children’s housing needs by selling their property. Only 9% of those aged 40 to 59, and 0.4% of those aged 60 or older, rated financial support for children or relatives as important or very important when asked about motivations for moving, and 8% and 16% respectively for pension support or top-up. ‘The trends identify that single occupied households and alternative family households are growing, the younger generation is more open to the idea of renting and those moving into retirement are seeking more interactive environments. The impact of these trends inevitably means that in the future the homes we plan, design, build and live in must be different,’ said Stephanie McMahon, head of research at Strutt & Parker. ‘Lifestyle change remained the dominant motivation for moving, but in light of pension challenges and parents seeking to help their children onto the housing ladder, we were surprised to see that so few respondents ranked release of equity, pension top up and financial support for relatives as their reasons for moving home,’ she added. Continue reading →
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