The Aviva Family Finances Report Summer 2015: Property/housing findings

Aviva's recent ‘Family Finances Report’ has revealed some interesting insight about the UK property market, as well as the positions and perceptions of homeowners and renters.

Uk housing market AVIVA
  • The average size of a family mortgage has increased in the last 6 months, from £58,420 to £64,400. However this is significantly lower than the average of £76,250 three years ago. This may reflect the ability of families to pay down debt following wage increases and inflation.
  • 51 per cent of British families now own their home with a mortgage, 17 per cent own their home outright.
    Average rents across England and Wales hit a record high of £744 in April (£1,204 in London).
  • 30 per cent of those who own their home with a mortgage see it as an investment, and 26 per cent of homeowners plan to pass their property to their family.
  • A fifth of homeowners are planning to move within the next five years.
  • 73 per cent of families believe the living room is the heart of their home, compared with 15 per cent who believe the kitchen is the heart of the home.
  • Only 69 per cent of families insure their home contents, and 82 per cent of homeowners hold buildings insurance.

Regional Variations

Source: Aviva
  • Londoners have the highest outstanding mortgages, at an average of £141,350. Those in Wales have average mortgages of just £33,170.
  • Families in South East are most likely to have a mortgage at 53 per cent, compared to 43 per cent in the North East.

Home Improvements

  • Most likely improvements: New kitchen (23 per cent), new bathroom (18 per cent), garden makeover (14 per cent), extension (11 per cent), conservatory (7 per cent), loft conversion (6 per cent).
  • 55 per cent of homeowners plan to improve their home in the next five years.

Why can't would-be buyers buy?

Source: Aviva

How are people financing their deposits?

Source: Aviva
  • In London, 20 per cent rely on money gifted by family members, and 11 per cent on inherited money.
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