The dream of a ‘forever home’ is losing relevance. Here’s why
New research shows that the desire to have a “deadly home” is less valid for younger generations.
Almost two-thirds (63 per cent) of homeowners aged 34 and under believe the concept is less important to their parents’ generation than it was to their parents’ generation, according to a survey for property website Zoopla.
Traditionally, people may be aiming for the idea of purchasing a property that they can live in and raise a family in for decades.
But the change is driven by decades of rising house prices, which have pushed many into longer tenancies and delayed entry onto the property ladder. Modern lifestyle changes, such as divorce or the need for work flexibility, also contribute to the reduced likelihood of settling in one place in the long term.
The survey found that almost a third (30 percent) of homeowners across all age groups feel they have yet to find their forever home.
Only 7 percent of homeowners across the survey view the home solely as “a financial asset that should be used when the market is favourable”; However, 23 percent of respondents aged 34 and under think so.
The research showed that younger generations also prioritize homes that have the potential to add value through renovation.
While almost half (49 per cent) of homeowners surveyed across all age groups said it was important to have the option to renovate their property, this rose to 82 per cent of homeowners aged 34 and under and 57 per cent of homeowners aged 35-54, according to Opinium’s survey of 2,000 homeowners across the UK in October.
Daniel Copley, consumer expert at Zoopla, said: “The dream of a lifetime home has not disappeared, but its definition is being completely rewritten by younger generations. They are extremely cost-conscious and view their property not as a permanent sanctuary, but as a flexible asset that needs to adapt to their rapidly changing lives.”
Glynn Gibb, regional manager at estate agents John D Wood & Co, said: “The idea of a lifetime home remains an attractive concept and will always have a certain romanticism, but for many buyers today life moves too fast for permanence to be the goal.
“Careers, families and priorities are all changing, and people are realizing that their household needs are changing along with them.
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“Instead of chasing the forever home, today’s buyers are focused on finding the right home for this stage of their lives – one that fits their current lifestyle, supports their ambitions for the next few years, and gives them the freedom to move when life requires.
“This is a more realistic, empowering way to think about homeownership and an opportunity to continue to re-evaluate what home means as life progresses.”
Propertymark CEO Nathan Emerson said: “Rather than aiming for one permanent home, young buyers are prioritizing flexibility, affordability and the potential to add value through renovation.
“This reflects the realities of today’s housing market, where changing job opportunities, lifestyle needs and financial pressures mean people are moving more frequently and viewing property ownership as both a stepping stone and an investment.
“Many young homeowners are looking for homes that can grow with them, properties with regeneration potential, access to good transport links and strong local amenities.
“But the market needs to continue to support mobility and affordability, ensuring people can make these transitions without being hindered by supply shortages, high transaction costs or limited mortgage options.”
