Leicester home buyers willing to live in smallest spaces
A recent survey revealed that Leicester first-time buyers are prepared to live in smaller spaces than people buying anywhere else in the country.
The 2,000 first time buyers that took part in the survey said they would be prepared to live in a space of just 31.9 sq/m (345 sq/ft). This is just over 1/3 the average UK property of 90 sq/m (969 sq/ft).
32sq metres works out at approximately 5m x 6m or 17ft x 20ft. The national average was not that much larger at 34.7sq/m.
Small spaces tend to be leasehold flats which come with the added burden of service charges and ground rent which can impact affordability even further. Speaking to a conveyancing solicitor in Leicester about the hidden costs of leasehold before taking the plunge is recommended.
Earlier in the year the consumer site Which reported that the average size of a house is at its smallest for 90 years. The average number of bedrooms is also reported to be at a record low.
Homes have been shrinking since 2010
New homes constructed since 2010 have a reported average size of 67.8 sq/m (730 sq/ft) according to LABC.
The average house still dwarfs the property that first-time buyers are willing to compromise with.
The survey also revealed that first-time buyers are more focused on affordability than anything else. Most were prepared to compromise on separate bedrooms, separate dining spaces, outside spaces and even natural light in order to get that first foot on the ladder.
About the author
Gaynor Haliday is an experienced legal researcher and published author. She has had numerous articles published in the press and is a legal industry commentator.
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