The cost of living crisis continues to affect homeowners and young people attempting to get on the property ladder, with the rise of renting and house prices leaving people in a place of financial uncertainty.
To combat the rising costs of properties, some UK residents are considering moving to a cheaper area to escape the financial turmoil being caused by the volatile housing market.
To gain a deeper understanding of the attitudes of these residents, L&C has surveyed 2,000 people across the UK, questioning whether they’d be willing to relocate and if so, why.
Firstly, those surveyed were quizzed on whether they plan on relocating in the next 12 months.
Of 2,000 surveyed 17.1% agreed with the statement ‘I plan to relocate in the next 12 months’. 29% who agreed come from sheltered housing while 25% live in private rental housing.
In particular, 31% of those surveyed aged 16-24 plan on relocating in the next year, with an additional 30% unsure of whether they will move in this period.
There are also a number of people considering relocating in the next three years, with UK residents considering moving to a number of different areas of the UK such as;
- Coast: 15%
- Countryside: 15%
- City: 14%
Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!
By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.
Looking at demographic data, 29% of those aged 16-24 are considering relocating to the countryside whereas 28% of young people would prefer to move to the city.
It raises the question of what factors are influencing a wave of relocators in the UK. Luckily L&C did focus on this topic.
The top 5 factors were:
- To have a change in scenery: 15%
- To afford a bigger property, to be closer to nature and to afford more outside space are all joined second place: 13%
- To live in a cheaper area: 12%
- To live closer to family: 11%
- To live in a more family-friendly location: 9%
Speaking on the matter, David Hollingworth, Associate Director at L&C Mortgages said:
‘’The pandemic has changed the way that many people work. As more people have the option to work remotely it opens up the chance for relocation to an area that wouldn’t have previously been possible. That could allow a move to a cheaper area or homebuyers to afford more space. As the cost of living and rising house prices continue to put pressure on households all across the UK, it’s no surprise to see many considering the option to relocate elsewhere.
‘’It was perhaps unsurprising to see that many of those planning a move hoped to relocate to the coast or country, although the cities showed that they haven’t lost their appeal. There is clearly substantial variation in prices across the country whether homebuyers are planning a move to the coast, country or city.’’
