Lotto Winners Love Property
Last Updated: Thursday 4th September 2014, 14:42
Ask the average lottery jackpot winner what they intend to do with their fortune and you'll most often find them expressing an interest in buying a new home.
But what kind of homes do the newly wealthy tend to consider? Well, according to statistics recently released by Camelot:
- 91% of lottery winners move no more than 20 miles from their previous homes
- 91% of homes purchased by Lotto winners are detached
- 48% of these homes have five or more bedrooms
- 65% of the winner's new homes are situated in the countryside, but still within close proximity of their pre-win homes.
On Tuesday, Phil Spencer, the presenter of Channel 4 television programme Location, Location, Location focused on helping Roger Griffiths and his wife Lara find and buy their dream home. The Griffiths, who won £1.8 million in October 2005 by playing Lotto online, ended up joining the 65% mentioned above by finding a place just a few miles away from where they lived before their win.
Phil Spencer's expert advice for other people wanting to invest their lottery winnings in property boils down to four major points:
1 - "Take your time. Carefully consider what your property requirements are - your home is your biggest asset and it is a very expensive thing to get wrong, regardless of how much money you have. Take a great deal of time to work out your genuine needs before you begin your search."
2 - "Think about the location of your new property. It's very heartening to hear that 91 per cent of winners move within a 20 mile radius of their old home. A move to an entirely new area, into a new home and a new lifestyle could be very unsettling, especially if you are some distance from friends and family so think carefully about where you begin your search."
3 - "Consider taking professional advice. It is fair to say that because a house is such a large purchase, you are unlikely to have experience of buying in that price bracket. The housing market is biased against the person spending the money. Estate agents are not working for you but for the seller so consider employing the services of a home buying agent who can represent you in your search and any negotiations and advise you on any tax implications."
4 - "Lastly, do not be tempted to make a statement or throw caution to the wind. Remember how much space you really need and how much you really want to spend. This is an incredibly exciting time and it can be tempting to overspend. But regardless of whether you have £1 million or £10 million, £100,000 is still a lot of money, so you still need to be careful."