People living in homes for longer, reveals new research from Spring and PropAlt

Homeowners are staying put for longer, typically living in their homes for an average of 121 months (10 years) between 2019 and 2022, compared to an average of 110 months (9 years) between 2015-18, and an average of 99 months (8.25 years) between 2011-2014, according to new research from Spring and PropAlt.

The research from Spring and PropAlt used Land Registry data, looking at the length of time homeowners stay in their home across England, Scotland and Wales.

In terms of property sizes, people typically stay in three-bedroom houses for 94 months (7.8 years), rising to 102 months (8.5 years) for four-bedroom houses and 109 months (9 years) for five-bedroom homes. This period rises to 113 months (9.4 years) for six-bedroom homes.

LACK OF LIQUIDITY

While it is to be expected that people live in large family homes for longer, anecdotal and numerous third-party evidence also suggests a chronic lack of liquidity for larger properties, with many people feeling trapped by barriers to downsizing such as the cost of moving and Stamp Duty Land Tax.

Spring has long been vocal about a need to offer a reduction in Stamp Duty Land Tax for those at the top of the market to help encourage downsizing and stimulate the wider market.

REGIONAL OUTLOOK

Looking at this data from a regional view, homeowners living in a five-bedroom house in the City of London are staying in their home for 129 months (10.75 years), slightly longer than the UK average. This trend is also evident in the district of Richmondshire in North Yorkshire, where the average period is 126 months (10.5 years) and Knowsley in Merseyside 137 months (11.4 years).

In comparison, homeowners who own a four-bedroom home in the City of London are staying in their home for 100 months (8.3 years), whereas homeowners who own a three-bedroom home in the City of London are staying in their home for 119 months (9.9 years) and homeowners who own a two-bedroom home are staying put for 98 months (8.1 years) on average.

Homeowners who own a four-bedroom home in Richmondshire, North Yorkshire are staying in their home for 102 months (8.5 years), whereas homeowners who own a three-bed in this region are staying put for 98 months (8.1 years) and those who own a two-bed home are staying in their home for 97 months (8 years).

Looking back at Knowsley in Merseyside, homeowners who own a four-bedroom home are staying in their home for 108 months (9 years), falling to 98 months (8.1 years) for those who own a three-bedroom home, and the average time for a two-bedroom home is 97 months (8 years).

The findings come as national home buying service Spring reports that enquiries from home movers looking to downsize has increased by 15% over the past 12 months, likely driven by cost-of-living increases causing many to consider ‘rightsizing’ their property and freeing up capital either for themselves or to support their children. Equally, some older downsizers have historically been put off by the lack of suitable retirement properties on the market, which is gradually changing.

COST-OF-LIVING

Cormac Henderson (main picture), Co-Founder and Executive Chairman at Spring, says: “Uncertainty, rising borrowing costs and cost-of-living increases mean that many people are staying in their homes for longer. Another factor to consider is that with getting onto the property ladder becoming so difficult, grown-up children are staying at home for longer than ever before, which might be putting the brakes on parents downsizing their homes.

“We also know that many older residents feel trapped in their large family homes. We’ve previously called on the government to introduce an initiative for Stamp Duty Land Tax exceptions for downsizers, and we still believe this initiative would accelerate the number of elderly homeowners who are considering downsizing.”

Top 10 areas where homeowners stay in their six-bedroom homes for longer periods

 

Area

Average time spent

Broxtowe

128 months (10.6 years)

Bexley 

125 months (10.4 years)

Central Bedfordshire

123 months (10.25 years)

East Hertfordshire

123 months (10.25 years)

Redbridge

120 months (10 years)

Southwark

120 months (10 years)

Stratford-on-Avon

119 months (9.9 years)

Tameside

117 months (9.75 years)

Buckinghamshire

116 months (9.6 years)

Cardiff

115 months (9.5 years)

 

 

Top 10 areas where homeowners stay in their five-bedroom homes for longer periods

 

Area

Average time spent

Knowsley, Merseyside

137 months (11.4 years)

City of London

129 months (10.75 years)

Richmondshire, North Yorkshire

126 months (10.5 years)

Sutton

124 months (10.3 years)

Tameside

122 months (10.1 years)

Watford

120 months (10 years)

West Lancashire

119 months (9.9 years)

Solihull 

115 months (9.5 years)

Rushmoor

115 months (9.5 years)

Reading

114 months (9.5 years)

 

Top 10 areas where homeowners stay in their four-bedroom homes for longer periods

 

Area

Average time spent

Havering

114 months (9.5 years)

South Lakeland

112 months (9.3 years)

Bolton

111 months (9.25 years)

Enfield

111 months (9.25 years)

Gravesham

111 months (9.25 years)

Croydon

110 months (9.1 years)

Hertsmere

109 months (9 years)

Luton

108 months (9 years)

Oldham 

108 months (9 years)

Knowsley, Merseyside

108 months (9 years)

 

Top 10 areas where homeowners stay in their three-bedroom homes for longer periods

 

Area

Average time spent

City of London

119 months (9.9 years)

South Bucks

106 months (8.8 years)

Barking and Dagenham

102 months (8.5 years)

Conwy

101 months (8.4 years)

Enfield

100 months (8.3 years)

Pembrokeshire 

100 months (8.3 years)

Powys

99 months (8.25 years)

Wrexham

98 months (8.1 years)

Basildon

98 months (8.1 years)

Camden

97 months (8 years)

 

Top 10 areas where homeowners stay in their two-bedroom homes for longer periods

 

Area

Average time spent

Wyre

102 months (8.5 years)

West Lancashire

102 months (8.5 years)

Eden

98 months (8.1 years)

Knowsley 

98 months (8.1 years)

Derbyshire

97 months (8 years)

Craven 

95 months (7.9 years)

Isle of Wight

95 months (7.9 years)

Merthyr

94 months (7.8 years)

North East Derbyshire

93 months (7.7 years)

Shepway

92 months (7.6 years)

 

 

 

Author

Top 5 This Week

Related Posts

Popular Articles