Changing Attitudes in Home Buying

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Mar 27, 2013, 05:00 ET

LONDON, March 27, 2013 /PRNewswire/ --

Home-owning is seen as one of the building blocks of our lives. With the Budget announcement on 20^th March it was again top of our agendas. But what are our actual attitudes to becoming homeowners?
This is a question sought to be answered by UK homebuilder Barratt Homes when commissioning a survey by ComRes investigating the demographics and buying habits of homeowners. The Barratt Home Buyers study surveyed 2,275 people looking to buy new homes in the UK, and is an annual survey running since 2010.

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So, how are things changing?

The importance of home buying

When it came to measuring the priority of the three cornerstones of "getting on with life", it was clear that home-owning came out on top of both getting married and having children; with 83% of those surveyed rating it as 8/10 or above. This can be compared to 61% and 55% rating marriage and having children, respectively, at 8/10.

The barriers to home-ownership

In 2011, raising the money required for a deposit was seen as the biggest obstacle to buying property, however, with deposits and mortgages now becoming easier to obtain, attitudes are changing. In 2012, many saw the biggest barrier as being able to find a suitable property. How will things change in 2013?

The deposit

Raising the deposit to move into a new property may be becoming easier, but there will always be the requirement for first-time buyers to build up a savings pot before making the move. On average, throughout the UK in 2012 a deposit of £25,917 was needed to get on the first rung of the ladder. For those in London, however, this figure rose to £42,004.
With new initiatives just being announced, could this figure drop in 2013?

Choosing the perfect home

If more and more prospective home buyers are finding it increasingly difficult to find their ideal home (30% of those surveyed), it appears we may be becoming more picky when it comes to home buying. But what exactly are we looking for?

- Off-road parking was the biggest consideration, followed by an En-suite bathroom
- Men were more likely than women to see renewable energy as a factor
- A low maintenance garden was more important for the over 55s

Opting for a new build

More and more of us are now turning to a new home as the ideal living space, with many factors behind the decision including:

- Low maintenance
- Increased energy efficiency
- Warranty / guarantee on building and fixtures

Attitudes in home buying may be changing; the need to be a homeowner isn't.

NOTES TO EDITORS:

1) Barratt Group sold 12,637 homes in the last financial year, making it the biggest housebuilder by volume in Britain.

2) Barratt Group was awarded a maximum five star rating for the third consecutive year in the 2012 Home Builders Federation Customer Satisfaction Survey.

3) In 2012 site managers working for Barratt Group won the highest number of NHBC Pride in the Job Quality Awards for a record eighth consecutive year.

4) Barratt Group was named Housebuilder of the Year at the Housebuilder Awards 2011.

5) Barratt Group is the only housebuilder to provide a five year warranty on the fixtures and fittings in its new build homes at the time of purchase.

Video: http://www.multivu.com/mnr/60629-barratt-changing-attitudes-in-home-buying

SOURCE Barratt Homes