Quirky buyers are driving the housing market, a new report suggests.
Same sex couples constitute more than a fifth of the millions planning a home purchase in the next 12 months, with buyers in their 20s or on their own representing similar proportions, according to a study by Birmingham Midshires.
The firm's 'Not So Average Joe' research indicates that 13 per cent of Brits have their eye on a property investment within the year, yet shatters the myth that the typical mortgage borrower is a parent with 2.4 children.
"There is no such thing as an 'average' borrower in modern Britain, yet many financial service companies continue to target mortgage products that respond to an outdated of British life," commented Birmingham Midshires' managing director of mortgages, Tim Hague.
This image "may include two parents, two children, a golden Labrador and a mid-range family car", he suggested.
In parts of the country, the social demographic means that downsizing is more common that climbing the housing ladder, the lender found. A third of property sales in Newcastle, for instance, are by those over the age of 50 seeking something smaller.
We have helped thousands of UK people obtain advice on Remortgages.
We Believe the Best Advice is 'Independent' Advic
- First-time buyers need government aid
More should be done to ease the plight of first-time buyers, according to a new survey. Six in ten Brits believe the government should be.... - Kensington revamps fixed-rate mortgages
Specialist lender Kensington Mortgages has slashed interest on one of its fixed-rate mortgage ranges as part of an ongoing initiative to update its home loan.... - Non-green homes will fail to sell in 2007
Homes that lack green innovations or are not energy efficient will fail to sell next year, according to a leading property consultant. The growing importance.... - New landlord mortgage product from A&L
Alliance & Leicester has unveiled a new buy-to-let mortgage product designed to cater for professional residential landlords. The 'wholesale buy-to-let' home loan deal allows full-time....