Whether you are actively seeking to move to a new home and/or a different area or are just interested in facts and figures about UK property, we have got some fun home buyer facts for you! In this article we look at some of the most interesting facts about the UK property market with data from recent years.
UK Home Buyers Don’t Move That Often!
Once every 23 years on average, in fact! According to information from Zoopla, people of the UK seem to enjoy staying put. This is a change from 35 years ago when the average time between moves stood at a much lower once every 8.63 years. Regionally, there are variations from this average, for example, in Powys, Wales, people only move every 33.1 years on average but in Midlothian, Scotland, people move on average, once every 14.9 years.
The Average Age for a First Time Buyer is 31 Years Old
Data from Statista shows that the average age of those in the UK buying their first home between 2011 to 2020 was 31. In London, according to the same data source, the average age to purchase a first home was 33. Back in 2007 this age was a mere 28 years old!
Why do people move?
The most common reason why people move is to get more space as their family grows over time. There is also a pretty decent sized portion of the population who move for exactly the opposite reason and move to downsize. However, you look at it, space is the main reason why people move.
When do we move?
Did you know that we in the UK are seasonal movers? Most often properties are put up for sale in the Spring which means that the most common month of the year in which people move is August, given the time taken to find a buyer and then complete the purchase.
Who is Moving?
In 2019 over half of homes purchased with a mortgage were purchased by first time buyers, with around 350,000 people getting on the property ladder for the first time.
Where are people moving
The South East is where the majority of moves happen. In 2019 over 68,000 people in the South East moved home. In the North East, however, it seems people like staying put and in 2019 only 14,000 people moved home.
The Average Length of a Mortgage in the UK is 25 Years
A quarter of a century! However you put it, 25 years is a long time. According to September 2021 data from The Money Advice Service, this is the average length of a mortgage in the UK. Saying that, the good news is that on average mortgages are paid off after 20 years and 9 months!
The UK’s Cheapest Place to Buy a House in 2022 is…
Middlesbrough, North Yorkshire with the average house price standing at £54,978, according to an article from January 2022 by TV property expert Phil Spencer. In fact, the north of England takes all Top 10 spots with the next 4 spots being occupied by Bradford, West Yorkshire (average £58,673), Sunderland, Tyne and Wear (£65,478) and Grimsby, North East Lincolnshire (£71,105).
By Contrast, the Most Expensive Place to Buy a House in the UK is…
According to Zoopla, Kensington, London is the most expensive place to buy a house with the average property price being £2,637,720 in 2021. Outside of London, Virginia Water in Surrey holds the top spot with the average house price standing at £1,617,679. In order to move to one of these areas a lottery win might be needed.
Whether you are a first-time buyer, your first move in 30 odd years or your 3rd move in 10 years, our local property experts are here to help you. Why not pop into one of our local offices and have a chat and we will help you every step of the way.
