Do You Aspire To Buy A Detached House?
Published: 8 May 2012 By Julian Stone Leave a Comment
It may all seem doom and gloom but despite the housing slump it many first time buyers still aspire to buying a detached house.
According to AA Home Emergency Response research, some 37% of those who bought their first home post 2008, aspire to buying a detached house. In fact 22% are looking to buy a four or five bedroom house.
The threat of a mansion tax may still loom but it’s not deterring some would-be buyers of such properties – 3% of those buying their first home since 2008 expect to eventually own a home with six or more bedrooms, three times the proportion of those getting their first mortgage in the 1980s.
The 1980s is remembered as the decade in which Margaret Thatcher’s Government heavily promoted the benefits of home ownership. However, for a quarter of those buying in that decade, a terraced home was the limit of their home owning ambitions. Only 15% of those buying for the first time since 2008 believe their ultimate home will be a terraced one.
Even though a high percentage believe they will buy a detached house, detached properties only make up a relatively small proportion of housing stock available – 28% is terraced, 26% semi-detached and 20% is flats.
Tom Stringer, Head of AA Home Emergency Response, said: “On the motoring side we are aware that new drivers love their first car but often aspire to drive a bigger, better, more expensive model.
“The same appears to be the case in the housing market.
“This research has revealed that the troubles in the housing market over the last three years have not dented the aspirations of recent first time buyers. In fact, new entrants to the market are more positive about their long term prospects than those entering in the last thirty years – something which could bode well for recovery in the market.
“Just as car owners are likely to have breakdown cover for emergencies, we believe it is important for home owners to be adequately covered in the event of emergencies. “
MoneyHighStreet comments: “It’s interesting to learn of the growing aspirations of first time buyers, and indeed encouraging too that their aspirations may bode well for the housing market. Positive news perhaps to sit alongside the recent findings from Sainsbury’s Bank that more people are planning to buy a car in the next 12 months.
“Whether it’s buying a house or a new car, the upfront cost of the purchase is only the start of the story. There are lots of other costs to consider, from the car insurance to home insurance to the maintenance of each.
“The point Tom makes about motorists likely to have breakdown cover is very valid and so too is his point about having equivalent emergency cover for your property. Of course you need to make you own decisions to meet your own specific needs – it’s well worth considering though.”
Find out about the AA Home Emergency Response cover here – it provides homeowners with a network of AA Home Assist engineers supported by approved tradesmen available 24 hours a day, seven days a week. AA Home Emergency Response Cover starts from £6.99 a month, irrespective of the size of home covered, and whether it is detached or terraced.