The first-time buyer's home has evolved significantly since the 1970s, with the average property now a two-bedroom flat with two bathrooms, six rooms in total but no garden
Since the beginning of this decade, the typical first home has been a two-bedroom flat, featuring two bathrooms and six rooms in total, without a garden, costing £215,699. Computer-generated images show how much the average first-time buyer’s home has changed over the decades.
Moreover, even though first-time buyers seem to be adjusting their expectations to smaller properties - with less room and minimal or no outdoor space - first homes now cost 6.04 times the average income of £35,724. This is in stark contrast to around 2.69 times the typical UK salary back in the 1970s.
"We want to do our bit to make sure everyone who wants to own their own home has a fair chance of fulfilling their dream." Not only is the inside of homes transforming, but external features like gardens are also experiencing a decline in ownership among buyers. Back in the swinging '70s, almost 85 per cent of houses came with their own slice of greenery, but flash forward to today, and the number's taken a tumble down to 66 per cent.
In contrast, since 2021, only 47 per cent have prioritised affordability, yet 29 per cent are worried about securing a sufficiently large mortgage, a significant increase from 27 per cent in the 1970s and just 11 per cent in the 1980s.
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