Forget keeping up with the Jones
Published On 4 December 2006
New research suggests that the traditional 2.4 child family is no longer the driving force behind the UK's housing market, suggesting a shift in the market for homeowner loans. According to a study by Birmingham Midshires, of the 13 per cent of people planning to buy a new home in the next 12 months, 22 per cent will be in their twenties, 21 per cent will be same sex couples and 17 per cent will be single men or women.
Furthermore, 28 per cent of those planning to buy a place are doing so as an investment as house prices continue to rise rapidly.
"There is no such thing as an 'average' borrower in modern Britain", said Tim Hague, managing director of mortgages at Birmingham Midshires.
"Yet many financial services companies continue to target mortgage products that respond to an outdated picture of British life – a picture that may include two parents, two children a golden Labrador and a mid range family car."
Some one in ten house buyers will be looking to downsize over the next 12 months.
