Interesting Facts About The UK Property Market

27 May 2021

 

The average British homeowner will live in seven different properties in their lifetime, spend £26,295 redecorating and buy their first home aged 26.

Here are some fun facts about the property market and moving home. If you’ve ever wondered whether you move home more often than other people, where the best place to live in the UK is or the average cost of a home, you’ll find all the answers here.

How often do Brits move home?

Zoopla’s latest research shows that, on average, Britons move home every 23 years.

That’s a far cry from several decades ago in 1988 when a more buoyant market during the ‘Lawson Boom’ saw Britons moving home every 8.63 years.

There are wide variations between different regions in the UK, though. For example, in Powys, Wales, people stay for much longer and move on average every 33.1 years. By comparison, homeowners in Midlothian, Scotland, move every 14.9 years.

The most expensive place to live in England

Figures found that the most expensive properties in England can be found in the heart of Holland Park, where properties have a price tag of around £15.6m. Outside of the capital, you’ll find that homes in Harrogate, North Yorkshire, are priced at £1,631,000 on average.

In the North West, Cheshire is packed full of high-priced property thanks to many towns in the county is rural or in very close proximity to some beautiful countryside. 

In the South West, Sandbanks, Poole, have the highest property cost, at £2,593,000 on average, whilst in the West Midlands, Solihull boasts an average house price of £1,908,000.

The cheapest place to buy a property in the UK

Based on figures for a 3-bedroom property, statistic from March 2020 revealed the ten cheapest places to buy a property. Places are Grimsby, Stanley, Rhondda, Liverpool, Stoke-on-Trent, Leeds, Newcastle-Upon-Tyne, Belfast and Antrim, Hull and Sheffield.

In Grimsby, you can purchase a small but perfectly livable 3-bedroom property for around £45,000, a little less if you’re prepared to do some work on it.

Why do people move house?

According to research conducted by house movers, the main reason people move home is due to space. Other reasons are upgrading or downsizing, new job, empty nest, relationships, visit family more often, catchment area for schools, change of scenery/lifestyle and cost of running a house.

How big is the average UK family home?

New homes being built in the current decade are smaller than ever before, with the average house size now below the low of the 1930s. UK homes built since 2010 offer an average of 67.8 square metres of living space, the lowest in 90 years, according to an analysis by LABC Warranty.

According to Which? our homes are shrinking and are on average 20% smaller than they were in the 1970s. The most significant shrinkage in UK homes has been seen in living rooms, which provided 24.89 square metres back in the 1970’s and now provide on average just 17.09 square metres of living space.

Kitchens have increased and now provide 13.44 square metres of space compared to 12.27 in the ’70s.

Where does the biggest student population in the UK live?

According to several sources, Newcastle is the best destination for students and houses the largest number of students anywhere in the UK.

Newcastle University scores highly across many categories, but students also highly rate the nightlife and general student experience of Newcastle. Manchester comes second, followed by Brighton.

The most popular time of year to move home?

In the UK, August is stated to be the most popular time of year to move home. It makes perfect sense as most people put their homes on the market in spring, taking an average of 9 weeks to sell.

The highest number of population of over 65

The ONS data on population and community from the 2011 census reports that the highest share of residents aged 65+ can be found in Southport 23.2%, Eastbourne 22.7%, Worthing 21.6%, Sutton Coldfield 21.0% and Solihull 20.6%.

You will find the top 5 locations with a younger population in London, Nottingham, Slough, Manchester and Milton Keynes.

The first UK council housing estate

The first UK council estate opened in 1900 in Bethnal Green, London. Under the right to buy scheme, around 40% of homes on the Boundary Estate in Bethnall and like so many areas, has since undergone a degree of gentrification.

The nicest area of the UK to live in

According to the Sunday Times best places to live annual survey, Altrincham in the North West of England bagged the top spot. It’s close to Manchester, which means there’s culture and great shopping and entertainment pretty much on your doorstep and it has some excellent schools too. 

 

If you are planning on selling in the Bromley area soon, why not telephone me on 0203 488 7782. I’ll be happy to advise you and help with your property needs.