Brits underestimate cost of ideal home by £300,000

The research, conducted by leading manufacturer of aluminium doors and windows, Origin, found that Brits’ ideal home is a detached, four-bedroom, three-bathroom property. The perfect home also boasts two reception rooms, two children’s playrooms, a study, a walk-in wardrobe, a conservatory, a garden with a patio, and countryside views.

However, Brits hope to spend just £592,000 on this ideal home – significantly less than it’s worth. In fact, the average cost for a property with these features is an eyewatering £897,000 – 1.5 times more than buyers expect to pay.

Manchester and Cambridgeshire are the areas where residents’ expectations are most misaligned with the real-life cost of their dream property. The research found that Mancs are happy to pay £532,000 but, in reality, this type of property would set them back triple this at £1,608,333.

The average price for an equivalent home in Cambridgeshire is also more than double the amount that locals are prepared to spend, coming in at an average of £1,800,000.

In fact, there are only seven counties where homeowners can purchase their ideal home within budget: Norfolk, Shropshire, Leicestershire, Lincolnshire, Suffolk, Northamptonshire, and Devon.

Victoria Brocklesby, COO at Origin, comments: “Our research shows that Brits know exactly what they’re looking for in a property and have some ambitious goals when it comes to their ‘forever home’. However, due to a volatile market and rising house prices, this is becoming harder to achieve than ever before, particularly in certain areas of the country.

“Thankfully, our years of experience in the home industry have taught us that the perfect home isn’t dictated purely by square footage or the number of reception rooms. Instead, it’s about creating a space that you love and that works hard for you and your family. With the right advice and planning, this is achievable for everyone.”

The most expensive places (on average) in the UK to buy a ‘forever home’:

1. Cambridgeshire - £1,800,000
2. Oxfordshire - £1,650,000
3. Manchester - £1,608,333
4. Warwickshire - £1,522,500
5. Staffordshire - £1,400,000

The most affordable places (on average) in the UK to buy a ‘forever home’:

1. Norfolk - £466,666
2. Shropshire - £498,333
3. Cumbria - £500,000
4. Leicestershire - £517,000
5. Lancashire - £551,650

Britain’s ideal ‘forever home’:

Overview:

• Worth £592,000
• Detached
• Based in a village with countryside views
• 2 miles from local amenities including a park, pub, and post office
• 6.6 miles from the nearest town
• 20 miles from work
• Good transport links

Rooms:

• 4 bedrooms
• Walk-in wardrobe
• 3 bathrooms, including two ensuites
• 2 reception rooms
• 2 children’s playrooms
• Kitchen
• Dining room
• Utility room
• Pantry/larder
• Study
• Conservatory

Additional features:

• Bi-folding doors
• Large windows with plenty of natural light
• Garden with patio
• Private driveway and garage
• Good energy efficiency
• Plenty of storage

Visit the Origin website to take a closer look at Britain’s Forever Home.