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yahoo-news-21-11-18

YAHOO NEWS, NOVEMBER 11, 2018
COVERAGE FOR M&S BANK

Millennials reveal surprising demands for their dream homes

  • Kitchen islands top the list of millennials’ desires when hunting for their dream home, a new survey suggests.

They are more important to UK homebuyers under 35 than a nice view, large garden or loft conversion, according to a poll of 2,000 people by M&S Bank.

The kitchen feature even ranked higher than underfloor heating, a spa-style bathroom and original period features when respondents were asked about their perfect home: 49% said their ideal home had to have a kitchen island, compared to just 31% who said they needed a large garden.

And 73% said they would be prepared to pay more to live in an “Instagrammable” area, the average interviewee reportedly willing to pay a £100,00 premium for it.

What millennials look for in their surrounding area is more conventional and probably little different from older generations however, with a good local restaurant, cinema and green spaces top of their demands. Those ranked above trendy coffee shops, farmers’ markets and gastropubs, and a yoga studio and street art only ranked 13th and 14th respectively on their wish list.

More than one in four also said they would not consider a property’s council tax band, energy efficiency or proximity to a local GP.

The biggest turn-offs reported among under-35s were bad neighbours, poor transport links and a lack of green spaces. Other no-nos highlighted included patterned or coloured carpets (15%), frosted glass windows (14%) and even living in a two-up, two-down property (11%).

Paul Stokes, head of products and customer experience at M&S Bank, 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.”