2020 as not a year for moving far. In Dataloft information, it appears as though 26% of tenants moved within one mile of their previous rental property. 69% of moving tenants stayed within 10 miles of their previous rental property.
This shouldn’t be a surprise, and it confirms what we saw at Hunters Hornchurch. There was a desire to stay close to where you know for many people.
One of the things that we have found, and this has been backed up by the latest Dataloft research is that some households rent in a location before they consider buying a home.
Purchasing property is a major commitment, and if you don’t feel at home in a local area, you are not going to enjoy life.
If you have the time, there is a lot to be said for short-term rental solutions, that allow you to get a genuine feel for an area.
Rent before you buy and fall in love with an area
While there is a lot to be said for visiting an area you wish to buy in a few times, and at different times of day, you can only get so much of a feel for an area.
By renting, you get to know an area very well, and in 2020, 27% of tenants moved more than 10 miles. There are many reasons why this might have been the case but based on some of the clients we have dealt with, we wouldn’t be surprised if a reasonable proportion of this group was tenants who were keen to buy as shortly as possible.
However, there was a reduction in the number of tenants who moved more than 10 miles away. The 2020 figure was 6% less than the 2019 number, and this shouldn’t be a surprise.
Friends, family members and feeling at home as part of a community was more important than ever in 2020. The impact of the COVID-19 pandemic led many people to review their living arrangements, and some major moves would have been put on hold.
Hornchurch has a lot to offer
We know what Hornchurch has to offer, and we can see why many people want to stay around, especially in uncertain times.
The Dataloft study also suggests 5% of tenants in England and Wales moved from overseas. It will be interesting to view the 2021 figures and see if there is much of a change. If we move forward with the vaccination rollout, and there is more freedom for people to move, there could be an increase in this set of figures.
Of course, until people come to terms with Brexit, this figure might be smaller in 2021.
However, there is no denying London is the most popular region for overseas people moving in, and 10% of tenants moved in from overseas in 2020.
If you are keen to stay in touch with the local housing market, we can help. At Hunters Hornchurch, we are on hand to ensure you receive all the guidance you need in the local property market, and we are here to assist you.