MAIL ONLINE, NOVEMBER 21, 2018
COVERAGE FOR M&S BANK
What millennials REALLY want in a new home: Office space and spa style bathrooms are a MUST for buyers under 35 – but pebbledash walls and net curtains are enough to put them off
- Millennial home buyers have very different priorities to previous generations
- Off-road parking, good schools and a sensible layout are not on ‘must-have’ list
- Instead they want spa style bathrooms, home offices and garden fire pits
- Net curtains, patterned carpets and old kitchen units are enough to put them off
Conservatories and off-street parking once topped many buyers’ ‘must-have’ lists, but it appears millennials have very different priorities when looking for their first homes.
A spa style bathroom, home office and a garden fire pit all come at the top of list of desirable features for home buyers under 35, new research reveals.
Meanwhile avocado bathroom suites, net curtains and even patterned carpets could all be enough to put someone off a property.
An expert from M&S Bank, which conducted the nationwide study, explained the shift in priorities is partly due to the ‘Instagram effect’, with young buyers looking to move into homes that are immediately social media friendly.
Features like textured wallpapers and a bidet in the bathroom both appeared high on the list of undesirables, despite the fact that they are easy to change.
Conversely superficial elements like a roll-top bath were listed by 18 per cent of buyers, while a wet room was highlighted by a third of respondents.
And its not just the interiors that matter. Some 17 per cent of respondents said pebbledash walls would turn them off and 29 would struggle to put an offer on a home in a street they considered to be ‘visually unappealing’.
Meanwhile 73 per cent of those polled said they would pay £100,000 more for a home in an ‘Instagrammable area’.
A total of 92 per cent said they would compromise on the size of a new home if it meant it was in a ‘cool area’.
Perhaps surprisingly, just 20 per cent considered school catchment areas to be important, and only 12 per cent were bothered about having a driveway or off-street parking.
And a total of 26 per cent said they didn’t even consider the council tax band when looking for a first home, with 20 per cent ignoring the energy efficiency of the property or the condition of the roof.
aul Stokes, of M&S Bank, which launched a range of mortgages for first-time buyers earlier this year, explained the results were important for homeowners seeking to sell their properties to millennials.
He said: ‘Our research has highlighted an important trend that’s making a huge impact in the housing market – a shift in behaviour we’ve named, “The Instagram Effect”.
‘Young people have completely different priorities than the generations before them and it’s important that the industry understands what these are so that millennials feel comfortable about entering the housing market, knowing that mortgage providers understand exactly what buying a home means to them.’
He added: ‘Our research also highlights the home sellers aiming their property at millennials might want to review their For Sale adverts, with the list of priorities proving very different to the traditional asks of a driveway and good school nearby.’
Revealed: What millennials want
Features of a ‘perfect’ home…
- Kitchen island
- Nice views
- Underfloor heating
- A spa style bathroom
- Loft conversion
- Open plan living space
- A garden fire pit
- High ceilings
- Home office space
- Log burning stove
- Walk in wet room
- Large garden
- A designer-inspired home
- Butler sink in the kitchen
- Statement floor to ceiling window
- Designer wallpaper/paint
- Freestanding roll top bath
- Exposed brickwork
- Original period features
- Shutter plantation blinds
- Polished concrete floors
- Stained glass windows
… And what turns them off
- Bad/messy neighbours
- Bad transport links
- No parks or green space nearby
- Visually unappealing street
- Property ugly from the outside
- No good shops nearby
- Avocado coloured bathroom suites
- Old kitchen units
- Big garden that needs lots of work
- Pebbledash walls
- Old garden shed
- Patterned/coloured carpets
- No good restaurants nearby
- Net curtains
- Artex ceilings
- Frosted glass windows
- Plastic/PVC windows
- No gyms or health clubs nearby
- Textured wallpaper
- No good bars nearby
- A traditional two up two down house
- Linoleum flooring
- Stripped pine floors
- Suburban location
- A front porch