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British homeowners now spend 21 years in the same property

Homeowners in the UK stay in their properties for just under 21 years before moving on average, new analysis claims, but some Londoners are staying put for more than 35 years. 

The amount of time we now spend in the same property on average stands in stark contrast with the 1980s, when a booming housing market meant people moved home on average every eight years.

But affordability issues due to high house prices, combined with higher stamp duty mean that many people are now unwilling or unable to take on the cost of moving up the ladder quite so often.

Moving: Many people are now unwilling or unable to take on the cost of moving up the ladder

Homeowners stay in their properties for just under 21 years before moving on average

Homeowners stay in their properties for just under 21 years before moving on average

Typically, people will move more often and stay in properties for shorter periods during the early years of home ownership, before finally settling into a family home for a long period of time – a point at which the average figure is stretched. 

The Zoopla figures may not show the true picture of Britain’s home-moving habits, however, as rather than interrogate homeowners on how long they have spent in different properties they have owned, the website crunched statistics to get its answers.

Zoopla worked out its figures by dividing the official number of resale homes (excluding new builds) which exchanged hands in 2018 by the total number of privately-owned homes. 

Kensington and Chelsea, which is home to some of the UK’s most expensive properties, is where homeowners stay the longest in the same house – some 35.5 years on average, according to Zoopla.

In fact, the capital’s boroughs dominate the list of places where people stay in their homes for the longest on average.

The only area outside of London to make the top ten of long tenure is Oxford, where people stay on average 31.2 years in their homes.

The most frequent movers are in Dartford, Kent, and South Derbyshire, with homeowners in these areas staying on average 15 years, which is five years less than the national average.

These two areas are followed closely by residents in Salford, Greater Manchester, who move on average once every 15.2 years.

Homeowners in Kensington & Chelsea stay the longest before moving at 35.5 years on average

Homeowners in Kensington & Chelsea stay the longest before moving at 35.5 years on average

TOP 10 LEAST FREQUENT MOVERS  
District Region Turnover in years between moves
1 Kensington and Chelsea London 35.5
2 Brent London 35.4
3 Enfield London 34.9
4 Ealing London 32.3
5 Redbridge London 32.2
6 Haringey London 31.5
7 Oxford South East 31.2
8 Harrow London 30.9
9 Westminster London 30.6
10 Camden London 29.3
Source: Zoopla     

Laura Howard, spokesperson for Zoopla, said the research suggested people were likely to stay put, but not necessarily because of complacency or a sense of inertia.

‘While we might love our city, town or village, most of us still want to ‘improve our lot’ with a move, which usually means climbing the property ladder,’ she said.

‘But house prices have risen exponentially in the last two decades and many people are unwilling or unable to take on the cost of the ‘next rung up’.

She added: ‘The cost of moving itself is also a likely factor, especially in the most expensive pockets of the country.’ 

The most frequent movers are in Dartford, Kent , with homeowners in these areas staying on average 15 years

The most frequent movers are in Dartford, Kent (pictured), and South Derbyshire

TOP 10 MOST FREQUENT MOVERS
District Region Turnover in years between moves
1 Dartford South East 15
1 South Derbyshire East Midlands 15
2 Salford North West 15.2
3 East Lothian Scotland 15.6
4 Bournemouth, Christchurch and Poole South West 15.7
4 North West Leicestershire East Midlands 15.7
5 Daventry East Midlands 16
5 Tewkesbury South West 16
6 Midlothian Scotland 16.3
7 Renfrewshire Scotland 16.6
Source: Zoopla     

For example, average property values in Kensington and Chelsea now stand at more than £2million, according to Zoopla data, meaning the stamp duty bill alone would cost £153,750. 

Poll

How long have you owned the same home on average?

  • 0 to 5 years 16 votes
  • 6 to 10 years 15 votes
  • 11 to 15 years 7 votes
  • 16 to 20 years 7 votes
  • 21 to 25 years 6 votes
  • 26 to 30 years 6 votes
  • Longer than 30 years 12 votes

Looking at regional trends, those in the East Midlands are the most frequent movers, changing properties on average once every 17.9 years, followed by homeowners north of the border in Scotland who tend to move once every 18.7 years.

Meanwhile, those living in London tend to move the least on average – every 26.2 years, followed by by homeowners in the South East who tend to stay just under a year less, or 25.4 years.

It comes as the cost of moving home in Britain surpassed £10,000 for the first time last year, according to recent research.   

This is an annual increase of around £500 – a result of house prices rising across all but one region.

London was the only area where house prices dropped and therefore, the cost of moving, reduced. However, those in the capital still pay the most in fees – at nearly £28,000.

win 20 thousand pounds

 

Read more at DailyMail.co.uk


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