According to research from mortgage broker First Mortgages, which surveyed 1,001 people, 70 per cent of those surveyed invite people over for Christmas, with an average of five extra people visiting to celebrate Christmas festivities in normal circumstances.
This means that space can be constrained, with 26 per cent having to move chairs from other rooms, 19 per cent needing to buy more furniture, 17 per cent splitting people into different rooms and 15 per cent having people sit on the floor or outside.
David McGrail, compliance director at First Mortgage, said that whilst it could be annoying to accommodate a family gathering if people’s homes were smaller, homes were “year-round and not just at Christmas”.
He said: “If you want to upsize you should plan carefully and make sure where you are moving to is going to be in budget and somewhere that you can call home all year round and not just a house fit for parties.”
The research noted that around a quarter of Brits wanted to upsize their homes each year.
This could represent an opportunity for the mortgage market in terms of second charges, bridging finance, renovation and refurbishment mortgages.
First-time buyers looking for cash for Christmas
The research found that nearly two thirds, 65 per cent, would be asking for money instead of gifts this year.
Over half of parents, 51 per cent, said that they would be willing to give money towards a deposit this Christmas.
The research continued that the average first-time buyer would ask family for £2,900 toward a first home.
With average deposits standing at £12,600 for a 95 per cent loan to value mortgage, it could take four Christmases to save for their first house.
McGrail said: “Christmas is a time of giving and showing our families love. If I were an aspiring first-time buyer in today’s market, I would much rather be given the equivalent of what is spent on presents as cash to save.
“For a first-time buyer, any extra cash they can save and put towards a deposit can really help them when it comes to getting their first property. Having a slightly larger deposit can often mean interest rates and the amount of time you are borrowing for are lower and shorter, also saving them money.”