Average House Size And Wages Shrink While House Prices Rise

• Data shows the average UK house size has decreased by 16% over 5 years
• The average house price has increased by almost 14% in the last 10 years
• The average UK worker has experienced a salary decline of 4% over 5 years

The UK is in the grips of a cost-of-living crisis which has also come off the back of a housing boom with prices spiking to unprecedented heights over recent years, with the average property costing £24,000 more in March 2022 than the previous year according to the Office for National Statistics. This is partly due to the pandemic and the economic impacts of low spending, high savings, and the removal of stamp duty, all causing an increase in demand in house buyers – along with many working from home and not selling to create a small supply of houses.

However, outdoor building specialists, Tiger Sheds, found that despite the increase in house prices, the house space purchased is actually decreasing, meaning the average UK homeowner is paying more for less. According to data from the Department for Levelling Up, the average floor area of a UK home has decreased by almost 16% over the last 5 years, from 104.6 square metres to 87.9 square metres.

When looking at the surrounding factors to understand just how much of an issue this is, data shows that average UK salaries are down over 4 per cent in the last 5 years – and this is after being adjusted for inflation - meaning the higher cost for a smaller space also comes with the extra challenge of having a shrinking salary to stretch. Add to this the other elements of the cost-of-living crisis affecting fuel and energy and it’s not hard to see why so many are feeling the pinch.

Recent statistics show that although the sizes of houses are getting smaller, the average number of occupants in houses across the UK has remained stable over the last decade, with the COVID-19 pandemic increasing the amount of time people spend at home as well as having additional needs from what space is available. Not only have homes been a place to eat and sleep, but they have also turned into multi-functional offices, children’s full-time classrooms and play spaces, homemade gyms, social and relaxing spaces – more than ever before. Dining room tables have doubled up as desks, any spare space has been used, and suddenly the available space is shrinking along with the affordable space.

With home spaces developing around occupiers’ needs and more space becoming harder to achieve, DIY saw a huge uptake over the pandemic with many looking at how to make the most of the space available to them. With any small space inside or outside, there are hacks that can be used to make any space feel much larger.

5 Tips to Maximising Small Spaces

• Use matching streamlined storage boxes to keep everything in its place and cut down of visual clutter
• Create a wheeling/folding office that can be packed away at the end of the day – especially important for multiple home workers sharing a space
• Invest in garden space, whether that’s a garage, art studio, play den, or greenhouse, to clear furniture in the house and have more room to create new space
• Open up smaller spaces by applying the same colour to all walls and ceiling surfaces
• Keep things off the floor as much as possible to allow for a larger base surface and to keep the eye travelling upwards to more space
• One way space can be created is through an outdoor building or structure; they can be both practical and versatile and are often much more affordable than saving for a new home. Different spaces can be created – whether it be a WFH office, gym space, new business quarters, or simply storage to create more space inside the home.

Lauren Coley, Head of Product at Tiger Sheds, commented: “With the recent cost of living crisis, it’s vitally important that British homeowners understand what options they have to make the most of their homes and what space is available to them. Outdoor buildings have come a long way over the years and can be great to provide the extra space that is now needed from many homes with the changes from recent years.”

Tiger Sheds have a range of strong and durable garden buildings that can be tailored to individual requirements and are also designed to stay warm in the winter and cool in the summer. Plus, a quality outdoor space can often increase the value of a property, which can help to mitigate the housing crisis when homeowners eventually come to sell.

Source : Tiger Sheds

Image : shutterstock.com / 642382696

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