- 24
- Jul
A survey that was done by Alliance & Leicester shows that just five percent of the population in Briton are living in their ‘dream’ home, with a large percentage settling for less. Around 2.3 million British adults out of a total of 46.6 million believe that they are living in a ‘halfway house’, with a further 1.9 million having no emotional attachment to their property at all.
For those living in Wales - the area where people are most likely to have secured their dream property - eight percent scored their home as a ‘perfect ten’. In London only three percent of those involved in the survey rank their home as a ten on the scale.
With the rise in the interest rates, borrowers are finding it harder to obtain their dream home as it becomes harder for them to obtain affordable mortgages. Many borrower’s budgets are stretched due to the rising interest rates and many people end up settling for a property that they are able to afford, rather than a property in which they consider to be their dream home.
The majority of homeowners are happy to move into a property that isn’t their ideal home just to move up the property ladder and reap the benefit of the rising house prices. More people are beginning to look for property based on investment purposes rather than their ideal dream home and become emotionally-detached from their property because they don’t see it as a long-term purchase.
Although many homeowners are dissatisfied with their current homes, many of them expect to remain in their current property for another twenty years or more. This possibly explains the popularity of secured home improvement loans, as homeowners strive to perfect their home. Other homeowners see cheap loans as a great way of adding value to their ’stepping stone’ house.
