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First-time buyers 'stay close to home'

27th September 2012 | back to article listings BACK    print this article PRINT

Many first-time buyers do not move far from their childhood home when they buy their own house, new research suggests.

Four in 10 (38%) adults in the UK stay within five miles of their family home when they move out permanently for the first time, according to Aviva's latest Family Finances Report.

Just 3.5 miles from the family home is the most common distance for people flying the nest - although one in 10 (10%) move less than a mile away and 3% of people move no further than the next street.

The likely distance also depended to some extent on region, with north-easterners more likely than anyone else to stay close to the family home while people in Wales on the other hand are most likely to set up home in a different area.

Almost half (42%) of people in the north-east stay within a five-mile radius when moving out permanently for the first time, whereas a similar proportion (44%) in Wales move more than 20 miles away.

With the data representing interesting reading for UK property market observers, Aviva's head of protection sales and marketing Louise Colley said the trend of staying close to home could be due to work commitments "or simply because they love the area they grew up in".

Copyright Press Association 2012

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