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changes in the household - 2006/07/10 04:01
The size of the average household has reduced considerably over the last 30 years because of small families, increasing divorce rates, more women living independently and an ageing population of “empty nesters”. Furthermore, widows are often living on their own for longer, often many years after their spouse departs. There is also a general trend towards independence and individualism. Younger people are leaving home earlier (ref: Hometrack 2003 Review). Often people get married but maintain two properties for financial security, in part to mitigate the risks in case of separation, divorce or other factors such as change of job for dual careers couples. Women are buying more property on their own, particularly those with professional jobs.
The “materialism” of the late 20th century has contributed to property often being viewed as a material possession – in a similar way to cars. People’s individualism (rather than collectivism borne out of old institutions) has lead to a greater aspiration for individuals and couples owning their own property – there is likely an element of “security, power and/or prestige” in this psyche. These factors have led to increasing demand for property of all type, exacerbated by an increase in population.
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