How inclined are people in the UK to settle down in one place? Are the figures different for owners as opposed to renters? And how, in our moving habits, do we compare to our Continental cousins? Similarly, what does this mean for the UK housing market, and what is the need to offer more homeownership opportunities?
Comparative moving trends can be drawn thanks to research carried out by REMAX (updated annually). This picture tells a story of somewhat fatigued housing markets and culturally ingrained tendencies that differ from place to place, with considerable disparities between one nation and the next. This blog will crunch the numbers to see how this relates to would-be homeowners in Britain, with additional tips for upcoming moves.
Contents
- Facts About Homeownership in the UK
- Facts About Homeownership in Europe
- Why Are There So Few Homeowners in the UK?
- The Aspirational Challenge of Homeownership in Britain
- Affordable Housing: Auctions, Renovations, and New Builds
- Understanding Current Government Housing Schemes
- Choose a Removal Company with National and European Connections
Facts About Homeownership in the UK
In the 1980s, with a buoyant, booming market as the backdrop, we moved house every eight years. Our previous update of this information stated that moves occurred every 23 years; this equates to moving roughly three to four times in a lifetime, a markedly sluggish rate compared to the enthusiastic inclination to upsticks that we used to embrace. There is little available regarding recent figures, other than a more recent consideration that this has now decreased to 19 years average.
Much like 2019, today’s housing market is affected by political turmoil, economic uncertainty, snap elections and housing promises that often fade within a year of said elections. No wonder it’s a pale, withered ghost of its former self. Of course, there is a broad span within the numbers forming that average.
Another interesting research notes a disparity between the anticipated length of stay and actual time in our homes. People who expect to remain in their property for 6 years are 23%, but the exact figures are 33%. Over 31% of participants expected to stay for over 20 years, but only 28% positively noted this.
Facts About Homeownership in Europe
One aspect of REMAX’s most recent study notes is a rising trend in people seeking innovative routes to homeownership, such as co-sharing properties. This is more popular on the Continent than the UK, with Turkey (76.3%) and Romania (64.1%) open to the concept, with approximately 50% interest from the UK.
This might suggest cultural differences between the UK and Europe, where people are more inclined to consider alternative routes to homeownership. However, one problematic stat highlights the main concern for Brits versus our European cousins: average homeownership rates.
The UK’s average is 54%, the fourth lowest, compared to 84.1% in Greece, the top, 83.4% in Italy, and 82.2% in Romania. That’s an incredibly stark comparison, which shows a more equitable housing market for European households that Brits are missing out on.
Why Are There So Few Homeowners in the UK?
The previous figures, published by the BBC, paint an even drearier picture for owners. It’s believed that, post-credit crunch, homeowners move half as often as they used to. Pinned down by high house prices, difficulties getting mortgages and older people clinging on to large properties, homeowners are now likely to move only two times after their first house purchase.
While these were from 2018, it’s interesting that there has yet to be a particularly positive shift in the last five years. Since then, the much-touted, scrapped Starter Homes scheme collapsed, resulting in zero new properties. While government-backed housing schemes are available, a gap remains in the number of available houses people can afford.
Additionally, the UK homeownership rate decreased from 65% in 2019/2022 to 54% in REMAX’s latest study. That’s an 11% drop in the last five years, which suggests a rise in the tenancy market due to a lack of social or government-built properties in that period. However, with soaring rental costs and a willingness for landlords to pass costs on, there will be more pressure on the government to prioritise housing.
The Aspirational Challenge of Homeownership in Britain
As a company deeply involved with the housing market, we often speak about reasons for using removal and storage services with our customers. Many renters discuss the increasingly marginal opportunities for owning a property.
In fairness, the government has some measures in place for various housing schemes, but there’s a sense that this needs to be revised. It has been an ongoing issue for decades, with many promises fizzling out with a whimper. However, the aspiration of owning a home still holds true for many people in the UK.
REMAX’s comprehensive study pits the UK near the lowest percent of European homeowners, which isn’t good reading. Ideally, public housing and private new builds will increase over the decade, with other considerations, such as a more accommodating mortgage affordability reform.
Affordable Housing: Auctions, Renovations, and New Builds
Now that we’ve covered some of the statistics behind homeownership in the UK and Europe, let’s look at the hands-on avenues for owning a home. After all, we must align the data with practical issues the general public faces when getting onto the property ladder.
Auctions
There are weekly online and in-person property auctions throughout the UK. Many official auction houses present live events that combine attendees and remote bidders. Many established providers add information before the event, so check these out in detail. Some even have pre-event block viewings.
Online auctions often link with real estate agencies, who provide similar details of each property. We recommend that you check with them to see if they provide details of the property’s state before the event begins.
Renovations
This is the most cost-effective avenue for homeownership but also the most labour-intensive. Platforms like Trovit specialise in renovation properties, which you can also find at auctions. We discussed the pros and cons of renovations in a previous blog, which you can read here.
New Builds
While the orange-patina houses aren’t everyone’s cup of tea, there are some advantages you should consider before writing them off. As mentioned, many new-build developers attach a housing scheme like shared ownership to the purchasing mechanism. That can save time for eligibility, making it possible to expedite it.
You can check out a list of all new developments here, but we suggest doing more research in the area you’re interested in for accurate, comprehensive information.
Understanding Current Government Housing Schemes
As we mentioned previously, there are some existing government-backed schemes to combat the homeownership crisis. Some new-build developments often tie these options into the purchasing options. In contrast, others are more suited to existing properties within local authority jurisdiction.
This is an overview of existing government housing schemes:
- First Home Scheme
- Right-to-Buy Scheme
- Shared Ownership Scheme
- Help-to-Build Scheme
- Right-to-Acquire Scheme
Each scheme suits a particular user, so you must review it to align it with your circumstances. Additionally, it’s worth noting that these schemes relate to who governs them and whether schemes are updated or removed. This can all change after a change in government or a minor change in appointed staff.
Ultimately, these schemes are only as good as the properties available. Once there’s a significant increase in affordable housing, their impact will be minimal. That said, anything that helps should be part of your research.
Choose a Removal Company with National and European Connections
Now that we’ve given you a lowdown on moving habits and some options for finding affordable properties, let’s discuss who we are. The Master Removers Group is a collective of the UK’s top removal, storage, and distribution companies. We have strategic locations throughout the UK, with additional access to partner depots and warehouses from the Isles.
More importantly, we offer national and international moving options, should you need a long-distance removal service. Furthermore, we handle scale with the utmost attention to detail, ensuring that our member companies provide the highest customer care and service delivery standards.
Whether you’re trading Newcastle for London or further afield in Munich, we’ll connect you with a top-rated moving company to collect from your current location. Our providers offer overseas removal options, allowing you to choose between road, sea and air freight and part-load groupage for smaller moves.
One truth about long-distance relocations is that they’re more complicated than local moves. That’s why many of our customers use self storage and container storage when they are staggering their big move. Every member of the Master Removers Group has storage units in their facilities, and we can collect your items from your home.
Master Removers Group: Allies for Aspiring Homeowners in the UK
While the UK housing market needs a fresh injection of properties and more favourable conditions for first-time and low-income buyers, we hope we do our part to help aspiring homeowners. This blog should give you a decent starting point for your inquiries. Still, we suggest discussing any plans with a mortgage broker or banking provider.
The Master Removers Group offers the very best removal and storage providers in the UK – find out what our customers think here. You can access useful tips from our previous articles and information about our member partners.
Click here to begin a free assessment. We’ll send you a quote with no hidden fees and the most suitable Master Remover company and service to meet your requirements.