Book a Valuation
Thank you for submitting your request, we will get back to you within 72 hours with a response.
May 19, 2024
Dive into the intriguing dynamics of the Isleworth housing market where restless homeowners are caught between the desire to ascend the property ladder and the reality of a changing market landscape. Explore why some are moving quicker than ever while others hold onto their homes for decades, creating a unique property ecosystem.
Click to uncover the full story and join the conversation on the future of housing in Isleworth
There are 28.4m households in Britain, of which 17,693,200 are owned, worth a total of £5,127,807,837,600 (£5.1 trillion). When you add all the private rented homes and council houses, that figure reaches just over £8.5 trillion!
This data disproves a standard theory that British neighbourhoods are becoming more fleeting and transitory. On the face of it, they show that once you have bought a property you can call home, there isn’t much motivation to move again.
So, are fewer people moving home?
Could it be attributed to a sense of contentment or indifference to moving home?
While we might love our home in Isleworth, most of you (including myself) still want to ‘better ourselves’ with a bigger house, better area, etc, which typically requires us to climb the Isleworth property ladder.
Everyone remembers the 1980s when we had a buoyant booming property market as a backcloth; British homeowners moved home every eight or nine years; so now, with the average at just over 16 years, this means each British homeowner moving around two or three times in their adult homeownership lifetime. Maybe we should all rename our homes ‘Dun-Roamin’! Or does it?
We have all heard the phrase, “lies, damn lies and statistics”.
The statistics mentioned above conceal some astounding features of the British property market. When British homeowners enter their late 50s and early 60s, their inclination to move home drops tremendously. The average length of time a homeowner without a mortgage moves home is 23 years and 3 months (and around seven out of ten outright homeowners, i.e. without a mortgage, are 65 years old or older).
So, whilst I cannot determine who has a mortgage and who doesn’t, I can look at how quickly people move home in Isleworth. I have looked at the last 40 property sales in Isleworth and found some interesting findings.
Remember, the UK average is every 16 years and 7 months. Yet it gets fascinating when we delve deeper into that stat.
There seems to be a two-speed (even three-speed) Isleworth property market (remember in the title I said 6 years and 2 weeks).
Having looked at the last 40 Isleworth property sales, I then put them in order of how long they had been in that home before they moved, with the fastest first and slowest at the end.
When we look at the 25% quickest home movers in Isleworth (i.e. 1st to 10th) and then the next slice (the 11th to 20th quickest movers) … these Isleworth home movers are moving home really fast, yet the gap for the successive two slices broadens remarkably. (i.e. the slowest movers). See for yourself!
Looking at the top 50% of the quickest movers, half of Isleworth homeowners move home again within 6 years and 2 weeks.
By Pavan Chaudhary 04-03-2024