Yahoo Finance Nearly half of first-time buyers move over 20 miles away from parents
Nearly half of all first-time buyers end up moving over 20 miles away from their family home, a new survey has found.
Despite 60% stating it is important to buy a house close to their family, 45% of people getting onto the property ladder said they were moving more than 20 miles away from their parents, according to property site Zoopla.
More than three quarters (77%) of first-time buyers don’t choose to purchase a property in the same town as their parents, according to Zoopla’s survey of 2,063 people representative of Britain in in January 2020.
Only 8% of people bought their first home within a mile of their parents, 14% located between a mile and three miles away, and 11% moved within three to five miles away.
First-time buyers in the North West were the most likely to stay close to home with 14% buying within a mile of their family home.
People growing up in Scotland were also likely to stay close to their parents with 13% moving less than a mile away, followed by Wales where 11% of first-time buyers got onto the property ladder within a mile of their childhood home.
Read more: UK property hotspots for first-time buyers revealed
House-hunters in the South West were the most likely to go further afield with 55% buying over 20 miles away from their family.
And 53% of Londoners bought their first property more than 20 miles from their parent’s home, whereas only 3% stayed within one mile, with Zoopla putting this down to “stretched affordability” in the capital.
High house prices in some areas and relocating for work may be other factors influencing the location for first homes.
Richard Houston, Zoopla consumer spokesperson, said: “Moving out of your parents’ house into your own home is a real milestone and a life-changing moment for many people.
“When it comes to getting on the ladder, our research reveals that despite a desire to be close to family, buying in the same area as your parents for many people appears to be a thing of the past. Whether it's due to constraints around affordability, moving for employment opportunities or even if they simply want to start out on their own, first-time buyers are choosing to flee the nest.
“Owning a home gives you the freedom to put your identity on a home, gives you free-rein to get creative in the kitchen and organise parties with friends as frequently as possible. These are the moments that matter and show why buying your first-home is worth so much more than just purchasing a roof over your head.”
