Despite cost pressure – mortgage strategy, houses that were larger on average than in the 1990s were larger than in the 1990s
New analysis shows that over the past three decades, the size of the average house has been increasing, with available floor space increasing from 91.39 square meters in the 1990s to 96.48 square meters in the 2020s.
The addition can reflect the addition of homeowners to home offices, loft conversions and expansions to maximize the footprint of their properties as house prices have soared.
According to broadband and digital services firm SmartMove, average property prices in the same time frame rose from £55,778 in the 1990s to £250,346 in 2020.
After the price boom, it increased by 249% in the 1980s alone, when the Thatcher government’s purchase rights placed more people on the housing ladder.
Income growth has been stable, but slower than house prices.
Average weekly income grew from £289 in the 1990s to £772 in the 2020s, while household savings rates fluctuated, declining in the 2000s and 2010s, but rose again in this decade.
SmartMove mobile expert Jes Johnson said: “UK housing affordability is a multifaceted challenge and requires careful market analysis and proactive decision-making.
“The sharp rise in housing prices in the 1970s and 1980s can be attributed to inflationary pressures and housing policies such as the right to buy, while giving many people home ownership while tightening supply and increasing demand.
“Although revenues are steadily rising, they are not keeping up with the cost of housing, which makes it affordable for many, especially first-time home buyers.
“The trend to increase home sizes since the 1990s shows that consumers’ preference for more spacious, versatile living spaces is evolving due to an accelerated shift in the demand for remote work.
“However, in recent years, land scarcity and planning regulations have somewhat alleviated this growth.”
The news came as UK finance demanded more action to improve the energy efficiency of homes through green upgrades.
