Property Reporter



How far would you move to get on the property ladder?

Line Spacing+- AFont Size+- Print Forward to a friend Property
How far would you move to get on the property ladder?

A new report has revealed that almost 13m people plan to move over 20 miles in order to be able to afford to buy their first home.

People who have climbed on to the property ladder over the past five years had to move on average 17.8 miles away to an area that they could afford. One in 20 (4.6%) of these first-time buyers moved over 100 miles away to do this and 47,000 moved over 500 miles.

The findings are from the Consilium Strategic Land Fund (the ‘Fund’), which invests in land sites predominantly in the South East of England with the aim of delivering an annual return of 12% a year. They suggest that this issue could get worse as property prices continue to rise.  The research reveals that those people planning to eventually buy their first home believe they will have to move on average 23.3 miles in order to be able to afford to do this.

Around 798,000 people believe they will have to move over 100 miles and 281,000 expect to move more than 300 miles away from where they currently live in order to get on to the property ladder.  Around 422,000 people think they can only do this if they move abroad.


Number of miles people had or expect to move in order to  afford to buy their first home

Number of people who did this in order to buy their first home

Number of people who plan to buy their first home one day

Same area

4,552,500

4,458,600

Up to 10

5,115,700

3,754,600

Up to 20

704,000

1,642,700

Up to 30

423,000

844,800

Up to 40

375,500

187,700

Up to 50

234,700

704,000

Between 50 and 100

328,500

329,000

Between 100 and 200

328,500

234,700

Between 200 and 500

187,700

375,200

Over 500

46,900

187,700

Abroad

N/A

422,400

Joanne Luce, Director of the Consilium Strategic Land Fund said: “Our findings are shocking.  People should not have to resort to moving hundreds of miles away in order to get on to the property ladder.

The ramifications of not being able to buy their first home are not just affecting those eager to do this but also their families.  Consilium’s research  found that 25% of those adults currently living at home with their parents do not expect to be able to buy their own home until they are aged 35 and over, and 12% of them don’t think they will have enough money to do this until they are over 40. Depressingly 6% do not think they will ever be able to afford to do this.”    

The Consilium Strategic Land Fund focuses on land investment opportunities that are at the most profitable stage in their development cycle – those sites that are in the ‘change of use’ or ‘re-zoning’ phase and can be promoted to obtain a change of planning status.  The Fund will target land administered by local councils in the South East that do not have a five-year housing supply, which means these sites have the potential to be accelerated through the planning process.

The Fund intends to invest 20% in short-term opportunities of between one and three years, 30% in medium-term investments of between three and six years and 50% in long-term investments of between four and eight years.    

Land sites identified by local government as strategically important for future residential or mixed-used development, but which do not have outline or detailed planning consent, will also be considered by the Fund. The aim is to increase their value by promoting them through the re-zoning or change of use planning process before being sold to a developer. 

Got something to say? Leave a comment below:

You must be logged in to leave a comment

More articles from Property

FTBs fight back

How much would you pay to live near a outstanding primary school?

House hunters at lowest levels for 2 years

How many properties in the capital are priced at the average or below?

Have we neared the limit in house price rises?

How do you pick the right estate agent?



Latest from Financial Reporter

The Lending in Retirement Debate Isn't Going Anywhere

FCA appoints PRA exec to Director of Supervision

Software provider Target sold in £112m deal

Fitch upgrades Skipton after balanced mortgage growth


Latest from Commercial Reporter

New funders and commercial property

ASTL: Upward trend for bridging continues

Fleet makes criteria changes for limited company transfers

Are SME overdrafts dying out?


Latest Comments

Paul
Paul 25 May 2016

Estate agents are pathetic when it comes to fees. They have this 'I had to do it at 1% because that's what the others were quoting' mentality. We are the most expensive agents in our area, charging double...

view article
HMO Midlands Landlady
HMO Midlands Landlady 24 May 2016

Tenants disappearing into the night is common from shared houses ( licensed and un-licensed HMO's) often when they owe considerable rent- they remove all their possessions, leave key in room and tell other...

view article
CommercialTrust
CommercialTrust 20 May 2016

With the bulk of the market controlled by large developers, profit rather than necessity determine the pace at which homes are built. There are hundreds of thousands of plots that have planning permission...

view article
Johna
Johna 20 May 2016

"Easier said than done" is what I would say. Of course, it would be more than great to have more in quality and affordability, but I do not trust talk anymore.. What is said is not what is happening.

view article
Johna
Johna 20 May 2016

in my humble opinion being fair like THE most important! I myself have had bad experience with unfair landlords... not to mention that I know how to do a proper end of tenancy cleaning since I am a fantastic...

view article
richardrawlings
richardrawlings 18 May 2016

NB - even if we doubled our commission levels in the UK, we'd still be by far the cheapest agents in the entire world.

view article
Agent_PeeBee
Agent_PeeBee 18 May 2016

Clueless. Someone needs to take these people's computers away from them so they can do no more harm than they already have.

view article
richardrawlings
richardrawlings 18 May 2016

Nonsense! The cost of selling a house nowadays has little bearing on the fees charged. Don't believe your own spin on this. Fees have spiralled down to pathetic levels in areas where weak agents have allowed...

view article
Simon Oliver
Simon Oliver 16 May 2016

The best solution is to buy a property that has built-in income generating potential: a nice house with a couple of gites in the grounds is a good start. In France, the rune of thumb is that one 2-bedroomed...

view article
WPD
WPD 12 May 2016

I suggest the answer is to have the notary system being one legal person who represents both parties. Having experienced it a couple of times in France it was a dream compared to our dysfunctional system....

view article
warren
warren 03 May 2016

It's enough to make me weep into my Pimm's :(

view article
james anderson
james anderson 03 May 2016

The sad demise of the croquet lawn...

view article

Latest Tweets