Lockdown Has Brought a Seismic Shift in People's View of Their Ideal

PRESS RELEASE Wednesday 23 June 2020

LOCKDOWN HAS BROUGHT A SEISMIC SHIFT IN PEOPLE’S VIEW OF THEIR IDEAL ‘DREAM HOME’

Six out of 10 British homeowners now plan to move this year as their priorities for the ‘dream home’ have seismically shifted following lockdown.

Research from Skipton Building Society reveals more than a quarter of the 2,000 adults polled admit their vision of the perfect house have changed in the three months since lockdown measures were introduced. With a further quarter now prepared to spend more money to find and live in their dream property.

Property requirements have shifted dramatically during lockdown, with 52 per cent of people now wanting a life in the countryside, according to the research. Half are looking for a garden, or any outdoor space, which is larger than they currently have and a further third of adults say they want more space to grow plants and fruit and vegetables.

And with the Prime Minister still urging people to work from home where they can, more than a quarter surveyed say they will now insist on finding a property with space for a home office, for easier working- from-home.

Alex Beavis, Skipton’s Head of Mortgages saying:

“With the nation having spent so much time indoors lately people have had the opportunity and time to decide whether their home is really giving them everything that they want and need – as well as highlighting features that are missing from their current home.

“Usually when people look to move it’s because of space. They either want more of it, less of it, or they want their own space after a relationship breakdown or flying the nest. The lockdown has really given us all time to hone in on exactly what we want from our living arrangements and what our top priorities are if we were to move.”

A third of respondents would want to move somewhere with a bigger kitchen, so they can perfect their baking in the case of another lockdown. And three in 10 would be looking for a garage to store bicycles or other exercise equipment.

However, almost one in five say their future dream home would even include luxury items like a hot tub or an outdoor swimming pool.

Skipton Building Society, Principal Office: The Bailey Skipton, BD23 1DN

Skipton Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 153706, for accepting deposits, advising on and arranging mortgages and providing Restricted financial advice. Principal Office, The Bailey, Skipton, North Yorkshire BD23 1DN.

1 of 2 The pandemic and lockdown has changed human behaviour and this is now reflected in the requirements for a house. A bigger space for indoor activities, downstairs toilet facilities for more frequent hand washing, and larger kitchen cupboard space to allow for stockpiling now all feature on the list of what Brits want from their ‘dream home’.

Alex Beavis added:

“Living in the countryside would naturally limit your contact with other people more than being in a city centre.

“Who knows what habits and living observations we’ve picked up during lockdown that might stay with us long after social distancing measures are relaxed. But what will be interesting is watching if this filters right through the housing market – we could start seeing new build properties with bigger gardens or home office areas designed in direct response to many of us getting used to working from and spending more time at home.

But not everyone polled feels an immediate desire to ‘up sticks’ – with 30 per cent of homeowners believing there is potential in their current home to make it their dream residence. And Brits reckon it would cost them just under £20,000 per household to get their current place up to scratch.

And of those who have decided not to move in the near future, a fifth have realised they’re actually perfectly happy where they are.

A further 17 per cent would consider re-mortgaging their current living space to turn it into their dream home. With mortgage rates at a historical low, some want to take advantage and bring out the sledgehammer.

However, the majority – 38 per cent – would like to revamp their kitchen to make their house closer to ‘dream home’ status.

WHAT BRITS NOW WANT FROM A ‘DREAM HOME’

1. A garden/bigger garden 2. A spare bedroom 3. An en-suite 4. More natural light 5. A bigger kitchen for baking/cooking 6. A garage to store things like bicycles 7. A home within walking distance to local food shops 8. A patio/decking for BBQs 9. A downstairs toilet for washing hands more often 10. A state-of-the-art kitchen 11. A place in the countryside/further from the city 12. A space for a home office 13. More kitchen cupboard space for stocking up food 14. A bigger living space for indoor activities 15. More separate rooms for things such as a separate dining room and living room 16. A summer house 17. A bigger fridge/fridge space

Skipton Building Society, Principal Office: The Bailey Skipton, BD23 1DN

2 of 2 18. A home closer to a park or green space 19. A dishwasher 20. A garden space for an allotment 21. A space for home workouts or gym equipment 22. Balcony 23. Better Wi-Fi 24. Window seat 25. Outdoor Hot tub 26. Outdoor swimming pool 27. Rooftop terrace 28. A home cinema space 29. A space for a bigger TV 30. A house on a quiet street for children to play in safely 31. A home mini bar with beer taps or drinks fridge 32. A place with kinder neighbours 33. A built-in wine cooler/drinks fridge 34. Multiple spaces for more than one home office 35. A playroom for children 36. Bigger postbox/letter box for parcels 37. Move to a home where you can chat to neighbours from two metres away

ENDS For further information, or to arrange interviews, please contact the Skipton Press Office on 03456 017247, email [email protected] or visit the press section of our website at www.skipton.co.uk.

Stacey Stothard, Head of Corporate Communications [email protected] ; @SkiptonBS_press

If outside Press Office hours (8.30am – 5pm, Monday to Friday), please call 07793 699 878.

Editors’ notes

1. Skipton is the UK’s fourth largest building society, with over one million customers, £25.5bn of assets and a national presence represented by its network of 88 branches. Skipton offers mortgages, savings and restricted financial advice. It heads the Skipton Building Society Group, whose subsidiary companies include Skipton International Limited and significant interests in estate agency and related businesses through the Connells group; 2. Skipton is the UK’s biggest Cash Lifetime ISA provider (LISA), with over 160,000 LISA customers and account balances of over £960m; 3. Skipton was named Best National Building Society for the sixth year running in the 2019 What Mortgage awards and Building Society of the Year in the 2018 Moneyage Mortgage Awards; 4. In 2019 Skipton was named for the fifth year running as one of the Sunday Times Top 100 Companies to Work For. Skipton is also Investors in People Platinum (IIP) accredited–joining the elite 2% of IIP accredited organisations in achieving platinum status;

Skipton Building Society, Principal Office: The Bailey Skipton, BD23 1DN

3 of 2 5. Skipton is rated by two major credit rating agencies. Moody’s assigns a long term local and foreign currency bank deposit rating of Baa1 with a stable outlook and a short term rating of P-2. Fitch assigns the long-term Issuer Default Rating (IDR) as A- with a negative outlook and a short-term IDR rated F1. 6. Skipton is still based in the pretty market town whose name it shares since it was established in 1853. And as a mutual, Skipton doesn’t have shareholders to answer to. This means the Society can make decisions based on the long term best interest of the business – and that includes being a good and sustainable corporate citizen.

Skipton Building Society, Principal Office: The Bailey Skipton, BD23 1DN

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