The detached house is the number one target for home buyers looking to take their next step on the property ladder, according to Mortgage Introducer.
Whereas 60% of second-steppers favoured semi-detached homes four years ago, that number has now dropped to 51%, whilst the number of home seekers looking for detached homes has risen from 48% to 54%.
Furthermore, demand for four-bedroom detached homes in particular has increased, whereas three bed semi-detached homes were the preferred next move for home owners four years ago. The data indicates an optimistic outlook for the UK property market, as home owners are showing greater willingness to make their next step on the property ladder a big climb rather than a shuffle.
Detached houses are residential properties that don't share walls with another home, and they're the dream acquisition for home buyers throughout the UK; especially in places like London where space is at a premium. In fact, OceanFinance.co.uk conducted a survey in which they asked UK home seekers what their preferred property would be if cost was no object. One in five named the detached house as their home of choice, with only one in twenty electing seemingly more exciting options such as a castle or mansion.
UK home owners planning for the future
That indicates a pragmatic attitude towards home ownership on the part of UK residents which is reflected in their current approach to the property ladder. The research indicates that home owners are planning their climb with care, taking their time to build up equity so that they can afford to pay a large deposit on the mortgage for their next property. Thirty-six per cent have remained in their first home for over six years, though only 6% intended to stay that long.
Even though many people are stuck in properties too small for their families, surveys conducted by Lloyds Bank found that UK home owners are, for the most part, optimistic about the future of the housing market. A third of those surveyed feel that the housing market will improve this year, while over one in five believe it will be easier to sell their home.
Keeping the market moving
Though many of the government's schemes target first-time buyers rather than second-time buyers, initiatives such as the Bank of England's Funding for Lending scheme provide banks and building societies with the incentive to lend higher amounts by providing subsidies based on lending performance. This way second time home buyers have more mortgage options available to them than they did a few years ago.
That's good news for the market as a whole, as those second-time home buyers making their move up the property ladder will leave room behind them for first-time home buyers, rather than create a bottleneck that would exacerbate the issues resulting from the housing shortage.