The property market in the UK has undergone a wide array of changes over the years. One that has been remarked on recently is that there seems to have been a drop in “property mobility”. What this means is that younger generations will live in fewer different homes over the course of their lives than their predecessors did.
The reduction in mobility is caused by several factors including the rise in property prices, high demand for homes, and insufficient wage growth. Additional things like university tuition fees and interest rates for mortgages also have an impact. The former deters some people from pursuing further education and ultimately reduces the number that move away from home during this period.
Having to save for longer to secure a deposit has a big impact on mobility too. It can result in people staying in their childhood home or living in a rented property for longer. This reduces the number of different homes they are likely to live in over their lifetime.
An additional problem is that it is becoming trickier to move up the property ladder. People are tending to hold on to properties for longer because demand is driving up prices and the supply is simply not there. This squeezes the market further and reduces mobility even more.
Understanding mobility is important for property owners, particularly if they are landlords. The reduction can result in longer tenancies and bigger rewards for them. This in turn can put more pressure on ensuring that the management in correct; happier tenants will be more likely to stay for longer and pay rent on time.
At Finefair we provide a wide array of services for clients throughout Ealing and beyond. These include property and block management courtesy of our highly experienced team. We deliver a great service to suit a wide variety of needs and will see that every single property in our care is retained properly.
If you have any questions or would like advice please feel free to contact us. We are always happy to help and work closely with landlords with very diverse portfolios. The fact we strive to offer the best value we can every time has helped us to earn a great reputation and a loyal customer base.