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Millions expect to move 20 miles to get on property ladder

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Written by: Paloma Kubiak
26/01/2016
More than 12 million first-time buyers will need to move an average of 23.3 miles in order to get on to the housing ladder, according to research.

The findings found 798,000 will need to move over 100 miles away and 281,000 will have to go more than 300 miles from where they currently live to afford their first home.

Around 422,000 people think they’ll need to move abroad in order to get on the property ladder, according to the study by Consilium Strategic Land fund.

It found that people who bought their own property during the past five years had to move an average of 17.8 miles away to an area they could afford.

Staying put

The survey of 1,076 adults showed 25% of people currently living at home with their parents don’t expect to be able to buy their own home until they are aged 35 and over.

And 12% of these people don’t think they will have enough money to do this until they are over 40. Depressingly, 6% think they’ll never be able to afford to get on the property ladder.

Joanne Luce, director of the Consilium Strategic Land fund said: “Our findings are shocking.  People should not have to resort to moving hundreds of miles away in order to get on to the property ladder.”

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