Disillusioned Buyers Increasingly Consider Unconventional Property
In a potential cultural shift, over half of homeowners are tempted to secure permanent accommodation in unconventional properties.
A possible reflection of the intense difficulties associated with the modern-day rat race, 61% of people aged between 35 and 54 would like to raise the anchor and sail away in their unconventional home, according to the report carried out by BLP Insurance.
The consistent churn of Brexit related uncertainty, political turmoil and fragile economy has deterred many from searching for conventional living options.
Instead, 42% of the respondents cited a desire for a more interesting way of living as a catalyst for unconventional home occupancy. A quarter were looking to escape the hustle and bustle of an urban environment, noting that some unconventional living options, like boats, allows for flexibility between an urban and rural environment.
Unsurprisingly, a third (33%) of respondents are looking for a cheaper alternative to a traditional bricks and mortar homes.
For many, this can be achieved by purchasing property which is less popular than the more traditional options. Around a quarter had looked into purchasing converted buildings like industrial units and warehouses.
A fifth of respondents were searching for a life on the water by researching the viability of boat living whilst 19% focused their attention on unconventional methods of construction such as homes built by straw bales.
Phil Harris, Director at BLP Insurance, said:
“The days when most middle aged homeowners aspired to buy a semi-detached house in a quiet tree lined suburban street could soon be a thing of the past.
“It seems that people approaching their 40s and 50s are looking for a greater level of freedom and adventure and want to try a different type of home away from the suburbs.
“Reflective of a shifting cultural mindset, there is also a definite trend among younger people especially to factor in variables such as environmental impact when choosing a new home.
“It could now be time to invest in an unconventional property as demand increases and people chase the limited supply.”
As house prices continue rising, have conveyancers noticed an increase in unconventional home purchases?