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Research reveals homeowners don’t have enough space

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A new report has been published revealing that a third of parents feel they don’t have enough room in their homes, but can’t afford to move.

According to findaproperty.com 24% of children in British homes are forced to share a bedroom due to the lack of space. This rose to 38% when asking younger families and 35% of children living in London share a bedroom with one or even two siblings.

The lack of space is challenging for parents with 29% thinking their home is too small for their family, this increased to 40% for parents aged up to 34. The survey also revealed that just under a million people in the UK are expecting to become parents in 2012 with 14% living in homes that are too small for the new arrival.

The research highlighted that very few British homeowners can afford to buy new properties so have to compromise, which means living in homes that are too small for their needs.

Britain is in challenging economic times with a continued increase on household bills, petrol prices, education and daily living costs. Moving home is on the bottom of the list for some with mortgage costs increasing if families move to a larger home. This process can be expensive with solicitors and moving fees all equalling to extra outgoings for families. 

The report ties in with new figures released by the Land Registry revealing that house prices are falling quickly in the every area except London which still remains unaffordable for many people. House prices peaked in October 2007 as the average home in the North-East was priced at £129,424 compared to today it now stands at £99,464 a drop of 23%.   

With the ongoing financial issues Britain is currently facing, many families will compromise and stay in the homes they are in until there is a decrease on bills, living costs and home prices.

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By Amanda Bainbridge