Forever homes may only last eight years

Forever homes may only last eight years

We've all heard the phrase 'forever home' - referring to when buyers find their perfect property and intend to stay there for, well, ever.

According to new research, though, the average 'forever home' lasts just eight years as homeowners' needs and tastes change quicker than they had initially expected.

Hillarys surveyed almost 3,000 Brits who said they had purchased a 'forever home', with just 35% of respondents indicating that they were still living in this property.

The study also revealed that the average age of a 'forever home' buyer is 31.

The most popular reason for homeowners to move on from what they thought was a 'forever home' is due to changing needs or requirements – for example, needing a larger or smaller property.

This was followed by not being able to afford to live in the home anymore and then changes in personal circumstances – e.g. divorce/separation.

Other respondents said it was due to them not feeling the property suited them as well as they'd hoped, while some cited a change of location as the reason for ditching their 'forever home'.

Smaller proportions of respondents said they left their 'forever home' due to disputes with neighbours, a changing neighbourhood or the fact their pets didn't settle in the property.

For buyers, this study reinforces the need to be rational, patient and measured when looking for the perfect home. Those that rush into the first property they see, could find themselves undertaking the moving process again much sooner than they would have liked.

It also shows that there may not be a 'perfect home' for everyone and so buyers should try and strike a balance between holding out for the best property and being pragmatic.

For those people thinking about selling, it's a boost that homeowners are not necessarily buying one property and staying there forever and are open to moving around between homes before eventually settling.

One could also argue that it indicates that first-time buyers and second-steppers are becoming less fussy when choosing a property as they know they'll be moving on in a few years.

That said, sellers who stage their home effectively and don't leave anything to chance are more likely to sell their home quickly and for the highest possible price.

Our very own Sarah Beeny recently advised property sellers how to get their home ready for August 10th – the busiest day of the year for prospective buyers browsing property online.