Young buyers ‘willing’ (but unlikely able) to pay extra for ‘maximalist’ homes
Property Week receives many press releases of questionable merit, but one on the value of ‘maximalist’ interior design caused maximal raised eyebrows. We will spare the blushes of the sender.
Having surveyed a sample of 2,000 people, it concluded that half of 18- to 24-year-olds “would be willing to pay £20k to £25k over asking price for a home that was decorated in this style”.
Really? Simple common sense suggests most 18- to 24-year-olds would stomach any decorating style from granny-flat chintz through to derelict-squat grunge if it meant they could scramble onto the lowest rung of the housing ladder. The notion that they might find substantial extra cash for the “curated chaos” look is for the birds.
Back on terra firma, the average age of a first-time buyer is comfortably over 30, according to mortgage lender Barclays. “The average first-time buyer starts saving at the age of 24,” the bank said in March. “The average age at completion is 32.” It also found about three quarters of first-time buyers “wish they had started saving for their deposit even sooner”.
By all means, go for the maximalist look. Just don’t expect it to shake an extra £25k from any 24-year-olds.