Individuals now residing in their homes for extended periods
The UK’s homeownership landscape has undergone significant changes, with individuals now residing in their homes for extended periods. Between 2019 and 2022, the average duration climbed to an impressive 121 months or 10 years, compared to the 110 months or 9 years recorded between 2015 and 2018.
This marks a considerable increase from the period between 2011 and 2014, when the average stay was just 99 months or approximately 8.25 years. The findings emerge from new research that has analysed Land Registry data, shedding light on evolving trends in residential stability.
Impact of property size
When delving into the specifics of property sizes, a pattern emerges that sees individuals typically dwelling in three-bedroom houses for 94 months (7.8 years), with this duration extending to 102 months (8.5 years) for four-bedroom houses and further to 109 months (9 years) for five-bedroom homes. Those in six-bedroom properties tend to remain even longer, averaging 113 months (9.4 years).
While it is expected that larger family homes will be inhabited for longer periods, the data also highlights a pressing issue: a significant lack of liquidity in the market for larger properties. Many homeowners feel entrapped and unable to downsize due to formidable barriers such as the cost of moving and the financial burden of Stamp Duty Land Tax.
Regional variations in home tenure
Examining the data on a regional scale reveals that homeowners in a five-bedroom house in the Central London typically stay for 129 months (10.75 years), slightly surpassing the UK average.
This trend is mirrored in locales such as Richmondshire in North Yorkshire and Knowsley in Merseyside, where the average durations are 126 months (10.5 years) and 137 months (11.4 years), respectively. Furthermore, the data indicates a notable difference in stay duration based on property size within these regions, providing insight into the diverse housing dynamics across the UK.
Changing priorities and challenges
The shifting patterns of homeownership in the UK, marked by longer stays in properties and a growing interest in downsizing, underscore the changing priorities and challenges faced by many homeowners today.
These trends reflect broader economic factors, shifts in lifestyle and demographic needs. Understanding these trends is crucial for those considering a move, whether upsizing, downsizing or simply seeking a change.
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