In the past, the majority of people would live in or close to the area where they grew up. However, in time things began to change and more people began to live further afield. At first it was for things like work and or wanting a different lifestyle. Today, a lot of people have to move further away for affordability reasons or because they can’t find the right kind of property in their ideal location. We want to have a closer look at this today, then if you need help from a lettings agent in Barking and Dagenham, you can speak to us.
The stats
New data from Santander UK shows the number of first time buyers that buy a home in an unfamiliar area. They find that currently 67% of FTBs get on the ladder in a neighbourhood that is new to them. This has grown from 51% around five years ago.
Zoopla also has data to support the change. They said that more “upsizers” looking for larger family homes are searching further afield. As a result, they can end up moving to unfamiliar neighbourhoods more often.
The reasons
There are a number of reasons for the decision to move to a location people are not familiar with. Primarily today it comes down to affordability. Most people would ideally want to live close to family and friends in an area they know. However, in a lot of cases it is difficult because of the price of homes. They have to look further afield to suit their budget.
London is a prime area for this kind of move, particularly inner city boroughs. Many of these areas have house prices that are so high they make it difficult for first time buyers and “upsizers”. It means people are more likely to look at areas in Outer London with more affordable housing. We know this well from our work as a lettings agent in Barking and Dagenham.
Another reason for the move is to get a bigger home. This is often what people want when they take a step up the ladder after starting or in preparation to start a family. They need more space, including extra bedrooms and maybe even a garden. In many cases the only way to get a property to suit the requirements is to look at unfamiliar neighbourhoods.
Not all doom and gloom
While moving away from an area can have some negatives, including meaning you are no longer close to friends and family, it isn’t all negatives. You could actually look at it as a chance to experience new things. For example, you can get to know about great local places to eat, where to go for fun days out, and more.
The best thing to do is speak to locals and find out about local communities. It can quickly help you to become more familiar with a new area. See it is an opportunity to meet new people and try new things.
Do you want some help from a lettings agent in Barking and Dagenham?
Finefair Ltd works hard to ensure we can offer the best services for our clients. We are a little bit different though, while we can help with tenancies and property management, we specialise in guaranteed rent. So, we often help people arrange agreements with local councils. They can be the easiest, most reliable way to earn income from assets. Plus, they ensure there will be rent payments every month with no voids.
So, if you want an alternative lettings agent in Barking and Dagenham that can give you even more value, speak to us. We can explain what we do and show why it is a great option for landlords and investors.
