The comfortable life of Mr and Mrs Average

The future might not look so bright, says Kirsty Mcluckie

hile it sounds like something of an insult to be called average, the average British homeowner – if one did exist– would have had a fairly happy life, at least in terms of property, I’d imagine.

According to a survey published this week, he or she would have bought their first home aged 26, have lived in seven different properties and spent £26,295 on redecorating during their lifetime.

Property news is full of such statistics, but this research by a company called Origin, looked at the different stages of property buying for the “average” British homeowner and how property aspirations are now changing.

It found that UK adults typically moved out of their parents’ home aged 21 and resided in two rental properties before buying their own place.

The typical homeowner ends up living approximately 66 miles away from their childhood home, and will only live in two cities over the course of their entire life.

The average mortgage will take 20 years and nine months to pay off – costing a total of £134,864.82 in the process.

Meanwhile, £14,138 will be spent on hiring removal vans, paying legal fees and paying for stamp duty during the typical Brit’s lifetime.

But Origin believes that this could change.

Director Ben Brocklesby said: “With the cost of moving so high, we have seen that families now choose to improve their current homes, rather than move.

“Many years ago, a home would be for life, but that changed and people started moving as their needs changed – whether it be as a result of new job or starting a family.

“However today, we are seeing a resurgence of people choosing to renovate and improve their current property so it fits with their needs without incurring moving costs.”

Typically, it takes four months and three weeks to get settled into a new home, while over half of adults described moving home as the most stressful thing they’ve ever done.

On average, respondents will contribute towards two separate mortgages over their lifetime, and will typically look to downsize aged 56.

The average UK property is estimated to be worth £249,127 – while the typical mortgage payment is £542.41 per month.

The average home has three bedrooms, while eight in ten adults own a home with off-road parking and over half own a house with a garage.

A third of homeowners live in a semi-detached property, over a quarter live in a detached house and 15 per cent live in a terraced home.

The average property story, unless you have very high aspirations, sounds like it probably adds up to a comfortable life, if these figures are anything to go by.

But perhaps it is important to note, that they relate to the past.

In the last ten years, the age of first-time buyers has risen considerably and the likelihood of young people being able to afford a deposit on their first home easily has plummeted.

I suspect that if the same questions were asked in 30 years time, the statistics would throw up a far from rosy picture.

While young people might typically baulk at the idea of being labelled average, I suspect there are many who would be overjoyed to be so – when it comes to owning property at least.