In a normal year more than one million people move home according to Land Registry figures. These numbers reveal that pre-Covid, we were changing homes at the fastest rates seen since Nigel Lawson was chancellor, with people in the South East and the West Midlands moving most frequently. Conversely, those living in the South West and East Midlands move home less frequently than anyone else in the UK.
The average lifespan of a British person is now 81.2 years; during this lifespan people will move home about six times. With 18.7 years, the East Midlands leads the way for the shortest amount of time people live at one property while the longest amount of time people stay at their properties is in London where the average is 24.5 years. These two regions are at opposite ends of the price spectrum, so the higher cost of moving up the ladder in areas like London is undoubtedly a factor.
The average amount of time someone lives in their property in Haverhill is 18 years. This compares with 18 years in the region and 19 years nationally. We’ve calculated this by looking at what percentage of homes sell in a year and estimating how long it would take for everyone to move house at least once in the area.
When people change their home more often, vendors will benefit from a busier market with more active demand. It was once the case that only younger people would be more likely to move around, especially live-in couples and young families, but now we are seeing a trend where people of all ages are changing their home at a more frequent rate.
The rental market moves at a much faster rate than the sales market due to 12-month contracts with a six-month break affording more flexibility. It’s also important to factor in the cheaper prices for rental properties. We are however seeing more people stay in accommodation for longer, although it’s nowhere near the length of owner-occupancy.
In the property market, it takes a while for the best data to feed through. When the full picture for 2020 comes into view, we expect a short-term shift in demand away from inner cities towards suburban and semi-rural areas. When things change, opportunities present themselves so if you would like to know more about the property market in Haverhill, don’t hesitate to get in touch with us.
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