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Birmingham Midshires: homebuyers 'not so average'

05 December 2006
Nearly a fifth of the buyers driving the UK's housing market are same sex couples, twenty-somethings and single buyers, rather than the traditional 2.4 children family according to new research.

Building society Birmingham Midshires (BM) said that its 'Not So Average Joe' campaign indicates that of the one in ten people seeking to enter the UK property market in the coming 12 months, many are atypical and far from average.

Their research shows that 22 per cent of potential new homebuyers are in their twenties, 21 per cent are same sex couples, and 17 per cent are singletons.

As house price growth continues to increase year-on-year, close to 28 per cent of buyers are looking to acquire a property as an investment over the next year.

Similarly, in a break with tradition, more than one in ten people looking to move house in the coming months, are also looking to downsize their property rather than follow the traditional route of buying a bigger place.

BM mortgages managing director Tim Hague said: "There is no such thing as an average borrower in modern Britain, yet many financial companies continue to target mortgage products that respond to an outdated picture of British life."

Mr Hague said that lenders should now view being outside the mainstream of two parents, two kids and a pet Labrador, is what is now driving today's mortgage needs.

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