Thought of the Week
What do movers prioritise when choosing a new home?
September 12, 2024 3 Minute Read
Safety is regarded as the most important factor when selecting a new place to move to, according to our recent survey of 2,500 people who have moved home in the last two years.
Nearly a third of respondents identified safety as the top criteria when choosing a location for their recent move, a trend that was also observed in our Residential Tenant Survey in 2022. Housing affordability was the second highest priority among movers (30%). This is perhaps unsurprising, as the cost of mortgages has been steadily rising over the last few years, and the cost of owning and managing a property has also increased due to high inflation and increased cost of living.
Interestingly, connectivity was considered a lower priority for people. Only 17% of respondents felt that living near to transport infrastructure was an important factor for their new home location, and just 16% said connectivity to work was important. This is despite over two thirds (70%) of respondents travelling to work at least two days per week, and almost a third (28%) travelling every day. For Londoners, being close to transport links was higher at 24%. This is not surprising given the importance of public transport to commuters in the city.
Almost half of respondents said their commute time increased when they moved; with 13% stating it had increased significantly. This rises to 17% among those who own their home outright. This trend reinforces the idea that movers do not seem to prioritise connectivity.
However, when asked about features that make an area an attractive place to live (regardless of where they have recently moved), local transport infrastructure was the most important factor. This chimes with our Live-Work-Shop Survey, which found that 74% of hybrid workers in the UK would prefer to live within a 30-minute commute of their workplace.
This raises the question: is there something preventing people from living as close to transport links as they would like? Perhaps it is housing affordability. Many people may be unable to afford to move to better-connected places, particularly those who are upsizing (18% of respondents). Research from Nationwide found that homes nearer to public transport tend to carry a price premium. According to the findings, a property in London located 500m from a tube or train station attracts a 9.7% price premium (approximately £46,800 based on average prices in London) over an otherwise identical property 1,500m from a station. And while London is the most extreme example, this trend is reflected across the UK, with Glasgow attracting a 6% premium, and Manchester a 5% premium. Similarly, our recent report found that homes around the Elizabeth Line stations attracted a 6% growth premium for house prices, and a 2% premium for rental prices.
People may indeed be sacrificing living close to transport infrastructure, despite it being a desired characteristic. Instead, they are prioritising other locational benefits, including safety, proximity to friends and family and a range of local amenities.
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