Tag Archives: europe
More people moving out of London with research suggesting it is due to prices
There are more home owners moving out London than ever before with more than 280,000 moving away in 2015, an increase of 3% compared to 2014, a new analysis shows. The exodus is led by young people in their twenties and thirties, suggesting that rising house prices could be behind the decision, according to the research from multi-disciplinary property company Humberts. The report by ResiAnalytics for Humberts, which analyses the newly released data from the Office of National Statistics (ONS), shows that 26% were aged 20 to 29 but this was less than the 30% recorded in 2014, while 23% were aged 30 to 39, up slightly from the 22% recorded in 2014. ‘The average cost of a London house today is almost double the English average at £470,000 compared to £224,000 and consequently we are seeing more and more people cashing in and moving out,’ said Jeremy Campbell-Harris from Humberts’ London Country House Department. He believes that those in their 20s probably struggle to afford to buy a home in London and those in their 30s who may have young children are looking for a bigger home and more peaceful surroundings. Birmingham, the UK’s second city where average house prices are less than half those in London, tops the list of most popular destinations for London leavers. Brighton and Hove, where house prices are similar to those in London, is also popular choice due to being commutable yet on the coast. In third place is Thurrock, followed by Epping Forest, Elmbridge, Bristol, Medway, Manchester, Dartford, Hertsmere, Luton, Reigate and Banstead, Slough, Canterbury, Welwyn Hatfield, Leeds, Sevenoaks, Nottingham, Spelthorne and finally Coventry makes up the top 20 destinations. The research also looked at regions which have grown in popularity over the past five years. The East of England has seen a 4% increase in the number of people moving from London in 2015 compared with 2011. This is in contrast to the South East, which has seen a 3% fall in the number moving to the region. ‘The price of housing in London and the South East has risen so significantly over the years that Londoners are looking for new areas where their money can go further. Of all the regions in England and Wales, the East of England and the South West are the only two regions that have seen increases in the number of Londoners moving there,’ said Campbell-Harris. ‘Better broadband connections, better transport links and great value for money are three main reasons why these areas are proving to be increasingly popular amongst people from the Capital,’ he added. Continue reading
Latest English Housing Survey shows there are fewer first time buyers and they are older
The age of first time buyers in England has increased over the past 20 years, up from 30 to 33, according to the latest English Housing Survey published by the Government. In 2014/2015 the majority of first time buyers, some 61%, were aged 25 to 34 and this was similar to 1994/1995 but between 1994/1995 and 2014/2015 the proportion of first time buyers aged 16 to 24 fell from 23% to 10%, while the proportion aged 35 to 44 increased from 11% to 20%. The survey, from the Department of Communities and Local Government (DCLG) also shows that more first time buyer households were couples than single people, compared with 20 years ago. The proportion of first time buyers that were single households halved from 29% in 1994/1995 to 14% in 2014/2015 meaning 80% of all first time buyers were couple households, a marked change since 1994/1995 when it was 63% and 2004/2005 when it was 62%. The report suggests that this may be due to an increasing need for two incomes to be able to buy. The analysis shows that among first time buyers that were couples, those with dependent children have increased the most from 20% to 31% and first time buyers had higher incomes and more help with funding their deposits than was required 20 years earlier. Some 72% of first time buyers were in the fourth and fifth quintile income bands in 2014/2015, up from 62% in 1994/1995 and there was an increase in the proportion of first time buyers that had help from friends and family from 21% to 27% while those that used inherited money for their deposit increased by 3% to 10%. Expectation to buy declined among private renters between 2013/2014 and 2014/2015, after a period of relative stability since 2006/2007. A breakdown of the figures show that in 2014/2015 some 57% of private renters were more likely to expect to buy property at some point in the future than social renters at 24%. Since 2006/2007 the proportion of private renters who expect to buy a home has remained relatively consistent. However, there was a decline from 61% in 2013/2014 to 57% in 2014/2015. There was no such decline in the proportion of social renters who expected to buy over the latest year. This was in large part due to the fall in the proportion of 25 to 44 year old private renters who expect to buy in the latest year. Expectation to buy for 25 to 34 year olds in the private rented sector was relatively stable from 2008/2009 but the 71% of 25 to 34 year olds expecting to buy their own property in 2014/2015 signified a decrease from 78% in 2013/2014. A similar pattern was evident among private renters aged 35 to 44 years, with a decline from 68% to 60% in the latest year. There were more older social and private renters expecting to buy than in 2010/2011. Among social… Continue reading
Lack of suitable homes prevents over 55s in UK from moving
More than 500,000 home owners aged 55 and over in the UK want to move but do not because of lack of suitable housing, new research has found. Some 19% in this age group considered moving in the past two years but have not done so while 23% who considered moving said that a lack of suitable housing was the main reason they did not do so. The stress and upheaval of moving as well as not wanting to be away from friends, neighbours and community are also obstacles to moving, according to the annual home owner survey conducted by YouGov for the Home Owners Alliance and BLP Insurance. The survey report says that with the recent Brexit decision, it is uncertain what the impact on new housing is likely to be but this does not take away from the fact that tackling the UK housing shortage remains a pressing concern. So called last time buyers, we have been told, could help ease the housing crisis in the UK, it suggests. If older home owners living in homes that are under occupied moved to smaller properties it would free up more housing stock. There are an estimated 11.4 million homeowners age 55 and over. Overall some 30% of home owners aged 55 and over said stress and upheaval are reasons for not moving compared to 21% of all home owners while 23% did not want to move away from friends compared with 17%. Prices are not as much of a barrier at 22% compared to 31%. When thinking about a future move, top priorities are similar regardless of age. Good build quality is important to 71%, spacious rooms 72% and parking 69%. However, compared with UK home owners generally, a greater proportion of home owners age 55 or older identify availability of parking at 77% to 69%, low running costs at 70% compared to 59%, proximity to shops at 66% to 55%, good transport links 56% to 47%. ‘The recent Brexit decision means we are now in the midst of uncertain times and new housing is likely to be a victim. Government needs to focus efforts on negotiating a European exit but they must not drop the ball in delivering new housing that meets the needs of last time buyers,’ said Paula Higgins, chief executive officer of the Home Owners Alliance. ‘House builders can't be allowed to sit on their hands and land bank. The government needs to keep them building and building houses that meet the needs of last time buyers as well as first time buyers,’ she added. According to Kim Vernau, chief executive officer of, BLP Insurance, the issues highlighted in the survey that face last time buyers are as acute as those issues encountered by first time buyers. ‘If we wish to provide the required quality of housing that addresses these concerns we desperately need an appropriate mix of well-designed homes alongside adequate local infrastructure… Continue reading
