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Single person households on the rise

A report published today by MINT predicts big changes to UK spending patterns over the next 20 years.

When it comes to cost, MINT anticipates house prices will increase 100%, from 163,334 in 2005 to 335,674 in 2025.

But it is the social changes in British society that seem likely to have a knock-on affect on the mortgage industry.

The current trend for delayed first marriage and rising divorce rates, which has fuelled significant growth in single person households, is fully expected to continue over the next two decades.

Single occupancy has grown to 30% today but by 2021 35% of the nation is expected to be living alone.

Add that to rising house costs and it seems likely that in the future there will be an even greater demand for affordable properties and even disposable housing.

The British obsession with bricks and mortar shows no sign of abating, however, with property featuring heavily in the top areas of increased spending in 2025. MINT also foresees a growth in the ownership of second homes as many of us seek to become property barons.

Jerry Toher, managing director at MINT, says: “Family life will look very different in 2025. Naturally, this combination of factors will have a huge impact on UK expenditure.”

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