The end of the upgrade?

The year is 1961. The average age for marriage is 23 for women and 25 for men. People work in their chosen careers until they retire, all the time stepping up the property ladder, moving from flat to terrace with each pay rise, until finally reaching the heights of the coveted detached house.

Fast forward to 2007 and this linear formula to life has all but disappeared. Instead, we are faced with a world of gap years, sabbaticals, career changes, divorce and downsizing. And these modern phenomena have caused the housing market to dramatically transform.

Ian Webb brand director for David Wilson Homes, comments: “Once upon a time, our lives were predetermined by our age, gender and social status. Today, society is less rule-bound, meaning people can pursue the path that they choose, often changing their identity many times throughout their lives. You could go as far to say that, in modern life, change is the only certainty.“

With statistics such as increasing numbers moving abroad - nearly 200,000 British-born citizens in 2006, a third of women in their mid-thirties still to have their first baby and a quarter of UK residents consider a career change every year, it’s clear that nowadays homeowners are dipping in and out of the housing market throughout their lives, rather than conventionally upgrading.

Ian explains: “No longer can you look at a two bedroom apartment and presume that it is owned by a first time buyer, or a six bedroom detached house and know that it has been purchased by a large family. Today we are far more likely to find middle aged people in what has traditionally been designed as a starter home, be it as a result of divorce, downsizing to release equity in order to retrain, or even as a stop-gap for individuals returning from time spent travelling. Similarly, as young professionals continue to shun marriage and children in favour of their careers, they are far more likely to achieve the status of a penthouse or detached property at a younger age than previously thought possible.”

Demand for housing in the UK remains on the increase as a consequence of changing family structures and the country’s ageing population. Ian continues: “Nowadays we see growing numbers of parents moving in with their children, boosting the requirement for a property with an extra room, or in some cases even floor. Couple this with the trend for kidults – adults still living with their parents – and we begin to get an idea of the consumer chameleon of the housing market.”

To cater for this societal shift, the housing market has been forced to evolve. Ian concludes: “Changing life paths are changing the demand for different house types. Housing today must be flexible, as suitable for a first time buyers as a single parent, divorcee or retired couple. The key to creating homes suitable for buyers from across the spectrum is simple; good design, quality products, and little details that make a big difference.”

For more information on David Wilson Homes, visit Dwh.co.uk.