The end of the ‘Forever Home’? 63 per cent of young homeowners prioritise flexibility and renovation potential over permanence
63 per cent of younger homeowners (18-34 year olds) find the 'forever home' concept less important than older generations
Nearly half (45 per cent) of the same group of homeowners expect to move home within the next five years, embracing a flexible 'Right Now Home' model
23 per cent of 18-34 year olds view their property as a financial asset to be leveraged, significantly higher than the seven per cent average across all homeowners
82 per cent of 18-34 year olds place high importance on a home's future renovation potential, suggesting they view their property as an ongoing project
Despite the desire to renovate, 39 per cent of homeowners find relocating to a different location to be a more financially sensible choice than staying put and remortgaging to fund a major extension or renovation
Across all age groups, 30 per cent of British homeowners believe they have yet to find their forever home, rising to 36 per cent in the South East and the East Midlands
London: A new study(1) from Zoopla, one of the UK’s leading property websites, reveals a shift in how younger generations of homeowners view homeownership, with the aspirational ‘forever home’ giving way to a more realistic and flexible model, the ‘For Now Home.’
The traditional ideal of a "forever home", defined by most homeowners as a property they would live in for 15-20 years or the rest of their lives, is losing its relevance for younger generations.
A striking 63 per cent of young homeowners (18-34 year olds) now feel this concept holds less importance than it did for their parents' generation. This declining emphasis on permanence has seen nearly half (45 per cent) of this group anticipating moving home within the next five years, decisively rejecting the notion of settling in one house for life.
Across all age groups, nearly a third (30 per cent)of British homeowners believe they have yet to find their forever home, a figure that rises to 36 per cent in the South East and the East Midlands.
The home as a base, not a vault
While emotional attachment remains paramount, a vast majority of homeowners (88 per cent) see their property primarily as a “place to build a life and memories”, a distinct split emerges regarding the financial role of the property.
On average, just seven per cent of all homeowners view a home purely as "a financial asset that should be leveraged when the market is right." However, this figure more than triples for the 18-34 age group, with 23 per cent of this younger group of homeowners viewing their property as a financial asset. This demonstrates a pragmatic and commercially aware approach to getting on the housing ladder and seeking to leverage their property for future capital gains to buy their next home, fitting perfectly with the 'Right Now Home' philosophy.
High Expectation of Movement
This financial pragmatism translates directly into this younger group of homeowners' intentions around moving. Almost half (45 per cent) of 18-34 year old homeowners expect to move home within the next five years, significantly higher than the 28 per cent of 35-54 year olds who anticipate relocating during the same timeframe.
The top motivation, cited by 37 per cent of 18-34 year olds, is desire for a different location that better suits their life, such as being closer to family or moving between rural and urban areas. Furthermore, 36 per cent cite the need for a larger home to accommodate growing families or the requirements of modern hybrid working, while a substantial 33 per cent are looking to relocate primarily to save money, citing goals like securing a lower mortgage or reduced bills.
When moving is cheaper than renovating
Further challenging the traditional notion of a perfect, finished ‘forever home,’ younger buyers are prioritising potential over perfection. While half (49 per cent) of all homeowners say it’s important to have the option to renovate their property, this escalates significantly with age. The vast majority (82 per cent) of 18-34 year olds and 57 per cent of 35-54 year olds place high importance on future renovation potential. This suggests that for Gen Z and Millennials, their home is not a static purchase but an ongoing project to be adapted and updated.
However, the intention to renovate contrasts sharply with financial reality. While nearly a third (30 per cent) say that they are deterred from moving by the associated costs (Stamp Duty and legal fees), a larger proportion (39 per cent) still feel that relocating entirely is more financially sensible than staying put and remortgaging to fund a major extension or renovation (22 per cent).
Daniel Copley, consumer expert at Zoopla, comments: “The dream of a forever home hasn't disappeared, but its definition is being completely rewritten by younger generations. They are acutely cost-conscious and view their property not as a shrine to permanence, but as a flexible asset that must align with their fast-changing lives.
“The study shows they are planning for a large home and are not afraid to renovate to make it their own, but they are equally ready to move if their home stops meeting their needs. Zoopla is ready to support this new wave of homeowners, whether they are planning their next move in five years or looking to unlock the renovation potential of the home they own right now.”
Glynn Gibb, Regional Director at John D Wood & Co said: “The idea of a ‘forever home’ remains an appealing concept and will always have a certain romance to it, but for many buyers today, life simply moves too fast for permanence to be the goal. Careers, families and priorities all change, and people are realising their home needs to change with them. Rather than chasing the ‘forever home,’ today’s buyers are focusing on finding the right home for this stage of their life - one that fits their current lifestyle, supports their ambitions for the next few years, and gives them the freedom to move when life calls for it. It’s a more realistic, empowering way to think about homeownership - and it’s an opportunity to keep reassessing what ‘home’ means as life unfolds.”
-ENDS-
Notes to editors
A survey conducted by Opinium between 14th and 20th October amongst 2,000 UK homeowners
About Zoopla
Zoopla is one of the UK's leading property websites, with a mission to provide UK movers with the tools and confidence they need to win and connect its customers with the most motivated movers. One billion property searches are made on Zoopla every year and it’s the first place consumers think of for house prices. Zoopla is used by over 14,500 estate agents and housebuilders, while 4 million homeowners use Zoopla to track the value of their home and receive personalised insights on their local property market.