Nearly two-thirds of younger homeowners believe the aspiration of owning a “forever home” holds less relevance nowadays, research for a property website indicates.
Some 63% of homeowners aged 34 and under who were surveyed for Zoopla believe the idea of owning a forever property holds less importance than it did for their parents’ generation.
Traditionally, people may have been aiming towards the idea of buying a property that they could live in for decades and raise a family in.
But with house price surges having taken place over the decades, many people are now spending longer living in the rental sector and getting on the property ladder later in life.
Lifestyle changes, such as a divorce or the need to be flexible to move for work, may also make some people less likely to live in one place for the longer term.
Across all age groups, nearly a third (30%) of homeowners believe they have yet to find their forever home, the survey found.
Only 7% of homeowners across the survey view a home purely as “a financial asset that should be leveraged when the market is right”.
But among homeowners aged 34 and under, 23% of those surveyed feel this way.
Younger generations are also prioritising homes which have the potential to add value through renovations, the research indicated.
While nearly half (49%) of homeowners surveyed across all age groups said it is important to have the option to renovate their property, this increased to 82% of homeowners aged 34 and under and 57% of 35 to 54-year-olds, according to the survey of 2,000 homeowners carried out by Opinium in October across the UK.
Daniel Copley, a consumer expert at Zoopla, said: “The dream of a forever home hasn’t disappeared, but its definition is being completely rewritten by younger generations. They are acutely cost-conscious and view their property not as a shrine to permanence, but as a flexible asset that must align with their fast-changing lives.”
Glynn Gibb, regional director at estate agents John D Wood & Co said: “The idea of a forever home remains an appealing concept and will always have a certain romance to it, but for many buyers today, life simply moves too fast for permanence to be the goal.
“Careers, families and priorities all change, and people are realising their home needs to change with them.
“Rather than chasing the forever home, today’s buyers are focusing on finding the right home for this stage of their life – one that fits their current lifestyle, supports their ambitions for the next few years, and gives them the freedom to move when life calls for it.
“It’s a more realistic, empowering way to think about home ownership – and it’s an opportunity to keep reassessing what home means as life unfolds.”
Nathan Emerson, chief executive at Propertymark, said: “Younger buyers are prioritising flexibility, affordability and the potential to add value through renovation, rather than aiming for a single forever home.
“This mirrors 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 younger homeowners are looking for homes that can evolve with them, properties with renovation potential, access to good transport links, and strong local amenities.
“However, the market needs to continue to support mobility and affordability, ensuring people can make these transitions without being held back by supply shortages, high transaction costs or limited mortgage options.”
