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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CommercialTrust
CommercialTrust 30 Jun 2016

This is great news for buyers and investors in a period of significant uncertainty. The 10-year buy-to-let fix at 3.99% in particular is excellent, a clear 100 bps ahead of the nearest competition. Though...

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Lee
Lee 30 Jun 2016

Let's see what happens to north-east property prices when Nissan announce they're leaving.

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DmitriKara
DmitriKara 29 Jun 2016

I just read another article about eviction rising and this was exactly what was on my mind, Housing has become "cat and mouse"...

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DmitriKara
DmitriKara 29 Jun 2016

I am really not surprised. I've seen one too many impudent tenants and in my humble opinion renters have one too many privileges and options to abuse heir landlord in so many ways...

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DmitriKara
DmitriKara 29 Jun 2016

There is still so much uncertainty and I will surely step back and see what's happening before I could make any decisions on my end.

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ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

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NathanGreen
NathanGreen 16 Jun 2016

Seeing that the tenants are quite satisfied with their landlords and the properties is indeed great. I wonder, though, what is the situation in London alone? The tenants face sky-high rent levels in the...

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AndiMur
AndiMur 15 Jun 2016

TheGuardian published the same forecast. But on the other hand, professional brokers express different opinions. According totranio.com, an exit from the EU would not affect the demand/supply imbalance...

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Gary Holmes
Gary Holmes 14 Jun 2016

Having a professionally completed inventory at check-in and check-out is clearly (to me at least) of minor value. Tenants make un-authorised modifications and/or walk off with items that belong to the

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Violet Gibson
Violet Gibson 14 Jun 2016

Cautious people think buying off-plan is reckless, but over the past few years investors have literally made fortunes.Pre-release prices have obvious benefits for the developer, who gets instant finance...

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Kate Windleton
Kate Windleton 14 Jun 2016

An interesting research indeed. I guess that is in complete contrast with the United States where people often move from one coast to another. It will be interesting to hear the trends for people moving...

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NathanGreen
NathanGreen 14 Jun 2016

I think it all depends on the market conditions and how well your company is doing. You will agree that you can't demand more when you're killing yourself just to hang in there. Sometimes you need all

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