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

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. 

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Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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Landlady14
Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

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Mark
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

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Ben Taylor
Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

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Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

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James Powell
James Powell 27 Feb 2017

This is a very good news.

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DanHumphreys
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

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Matt
Matt 20 Feb 2017

Is this fake news?

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Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

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CommercialTrust
CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

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