Almost half of homeowners buy properties close to parents

Nearly half of homeowners are choosing to invest in a property thats in close proximity to their parents, research has found.

Research by Nationwide Building Society suggests that buyers are keen to maintain family ties by snapping up homes that are no more than 10 miles from their childhood homes.

While 44% of homeowners want to be within a commutable distance from their mum and dad, two thirds also argue that they would review their options and consider moving away.

Further findings from the study revealed the factors that helped buyers choose between home and away. Just over half of respondents said that staying in their home town was prompted by a desire to be surrounded by their nearest and dearest.

Just 18% argued that the quality of local schooling would prompt them to stay, while this was more of a key consideration for residents in the North (28%).

For 52% of homeowners the familiarity of the area they live in keeps them tied to their current property, with this factor being even more relevant for those in the South.

“Our research suggests that it’s often more emotional issues that keep us tied to our familiar surroundings and affect our decisions about moving home,” said Tracie Pearce, Nationwide’s head of mortgages.

“It shows that for some, home really is where the heart is. However, home is also wherever you decide to make it.”

In contrast, 56% of homeowners have made the move, despite the distance from family and friends. The central reason for this move was to take up a new job opportunity (34%), with this percentage being higher for women at 43%.

 

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Posted by: Nicola Severn Categories: Buying, Buying Property, Property News Tags: , , , , 2 Comments

2 Responses to Almost half of homeowners buy properties close to parents

  1. avatar Camila says:

    That’s going to be difficult to do whuiott the exact data. Real estate companies use the statistics in a way that will make them number 1 in any given category. Remember: There are 2 types of statistics, lies and damn lies. I think that is the saying anyway:)Number of agents is constantly changing. Number of franchises should be easy to get but you will most likely have to go to each main company site. Which in itself can be impossible because there are so many and you have probably never heard of most of them to know to look them up. Number of sales is constantly changing.You may be able to get some info from Realtor.org or by calling NAR directly if you can’t find anything there. But they will only have info on REALTOR firms.Good luck but I don’t think it is possible.