They vary depending on the homebuyer's age group
Are forever homes becoming a thing of the past?
This seems to be the case based on a recent survey of 1,000 UK adults who have recently bought their first home. The survey was conducted by mortgage comparison website money.co.uk to find out how long people expected to stay in their first home before moving.
Just over a third, or 34.7%, of the respondents said they expected to stay in their first home for four to five years, which was the most common answer.
Those who were 55 and over (34.4%) and those aged 45 to 54 (29.8%) are likely to remain in their first homes slightly longer than their younger counterparts. They intend to stay there for six to 10 years, showing a shift in moving trends across generations.
Results of the money.co.uk survey also revealed that of those who expected to stay for just a year to three years, the majority were aged between 18 and 24. The number of people from the youngest age group who expect to stay for this long was nearly five times higher than those aged 55 and over – 30.1% compared to 6.25%.
Only 6.1% of the people surveyed expected to stay in their first homes forever.
“While everyone wants their first home to be perfect, chances are that you won’t be living there forever,” Kellie Steed, mortgages content writer, commented. “In fact, just 6.1% of people stated that they expected to stay in their first home forever.
“People were most likely to say that they saw themselves staying in their first home for about four to five years. However, those aged 45 to 54 and those 55 and over stayed in their first homes slightly longer.”
