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

Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

It depends on the people, some older adults decide to make a long-distance move in order to live closer to their children or settle in a place with a lower cost of living.

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brandonlee10
brandonlee10 24 Jul 2017

The financial ramifications of the triggering of Article 50, the starting gun for Britain's departure from the EU, are far from clear. Buyers will be most cautious in London, given that buying a home in...

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IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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