A new study from Zoopla reveals a shift in how younger generations of homeowners view homeownership, with the aspirational ‘forever home’ giving way to a more flexible model.
The traditional ideal of a 'forever home', defined by most homeowners as a property they would live in for 15-20 years or the rest of their lives, is losing its relevance for younger generations.
63% of homeowners aged 18-34 now feel this concept holds less importance than it did for their parents' generation. This declining emphasis on permanence has seen nearly half (45%) of this group anticipating moving home within the next five years, decisively rejecting the notion of settling in one house for life.
Across all age groups, nearly a third (30%) of British homeowners believe they have yet to find their forever home, a figure that rises to 36% in the South East and the East Midlands.
While emotional attachment remains paramount - a vast majority of homeowners (88%) see their property primarily as a “place to build a life and memories” - a distinct split emerges regarding the financial role of the property.
On average, just 7% of all homeowners view a home purely as "a financial asset that should be leveraged when the market is right". However, this figure more than triples for the 18-34 age group, with 23% of this younger group of homeowners viewing their property as a financial asset. This demonstrates a pragmatic and commercially aware approach to getting on the housing ladder and seeking to leverage their property for future capital gains to buy their next home.
This financial pragmatism translates directly into this younger group of homeowners' intentions around moving. Almost half (45%) of 18-34 year old homeowners expect to move home within the next five years, significantly higher than the 28% of 35-54 year olds who anticipate relocating during the same timeframe.
The top motivation, cited by 37% of 18-34 year olds, is desire for a different location that better suits their life, such as being closer to family or moving between rural and urban areas. Furthermore, 36% cite the need for a larger home to accommodate growing families or the requirements of modern hybrid working, while a substantial 33% are looking to relocate primarily to save money, citing goals like securing a lower mortgage or reduced bills.
Further challenging the traditional notion of a perfect, finished ‘forever home,’ younger buyers are prioritising potential over perfection. While half (49%) of all homeowners say it’s important to have the option to renovate their property, this escalates significantly with age. The vast majority (82%) of 18-34 year olds and 57% of 35-54 year olds place high importance on future renovation potential. This suggests that for Gen Z and Millennials, their home is not a static purchase but an ongoing project to be adapted and updated.
However, the intention to renovate contrasts sharply with financial reality. While nearly a third (30%) say that they are deterred from moving by the associated costs (stamp duty and legal fees), a larger proportion (39%) still feel that relocating entirely is more financially sensible than staying put and remortgaging to fund a major extension or renovation (22%).
Daniel Copley, consumer expert at Zoopla, commented: “The dream of a forever home hasn't disappeared, but its definition is being completely rewritten by younger generations. They are acutely cost-conscious and view their property not as a shrine to permanence, but as a flexible asset that must align with their fast-changing lives.
“The study shows they are planning for a large home and are not afraid to renovate to make it their own, but they are equally ready to move if their home stops meeting their needs.”
Glynn Gibb, regional director at John D Wood & Co, said: “The idea of a ‘forever home’ remains an appealing concept and will always have a certain romance to it, but for many buyers today, life simply moves too fast for permanence to be the goal. Careers, families and priorities all change, and people are realising their home needs to change with them. Rather than chasing the ‘forever home,’ today’s buyers are focusing on finding the right home for this stage of their life - one that fits their current lifestyle, supports their ambitions for the next few years, and gives them the freedom to move when life calls for it. It’s a more realistic, empowering way to think about homeownership - and it’s an opportunity to keep reassessing what ‘home’ means as life unfolds.”
