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First time buyers opting for more compact homes

13-Jan-2014

First time buyer homes are growing increasingly compact, according to new research.

Findings published by LV= revealed that the average size of a family home in the UK has shrunk by two square metres over the past ten years, as an increasing number of people opt to live in flats and apartments.

The figures also showed that today's average family home is now just 96.8 square metres compared to 98.8 in 2003, because modern homes are much smaller than they used to be.

According to the report, multi-generational homes have also become more common as adult children are remaining in or returning to their parental home for longer.

The LV= findings revealed that there are 14 per cent more multi-generational households today than there were in 2008.

Although there are a significant number of first time buyers who purchase more compact homes which have a tendency to be cheaper, there is also an increasing trend for some consumers to buy smaller homes and then modify them afterwards.

The LV= research stated that 22 per cent of homeowners have converted lofts and garages in order to free up space in their homes.

However, while this may be a cost-effective way of acquiring more space within a property, the report emphasised the importance of complying with regulations.

Ten per cent of families who modified their homes say they are unsure whether their alterations complied with regulations. 

John O'Roarke, managing director of LV= home insurance, said: "The average family home has changed dramatically in the last five years with more families now living in flats. The research found that many families are living with makeshift modifications, which could be illegal and also unsafe. 

"Building regulations are designed to ensure that home modifications are safe and we urge all those considering modifying their home to ensure any changes they are planning to make meet regulation standards."
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