New research from the Nationwide Building Society has revealed that almost half of UK homeowners choose to live near mum and dad. Some 44% end up buying no further than 10 miles away from the house in which they grew up.
Tracie Pearce, head of mortgages at Nationwide, said: “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. It shows that for some, home really is where the heart is.”
The news comes as something as a surprise in an age in which it’s common for young people to go off to university or move away from home for a job.
Respondents from Wales and the Midlands were most likely to still live in the region of their childhood. Those from Northern Ireland and the South were the most likely to have moved to a different region. Nationwide also found that those from higher social grades (ABC1) were more likely to move away (61%) in order to pursue education or career opportunities.
Interestingly, two thirds of respondents said they would consider moving away. So, what is it that makes people buy properties a stone’s throw from their parents? Some 51% said a desire to stay close to family is what prevented them from moving away, whilst 46% said it was friends which kept them close.
Despite much fanfare about quality of local schools affecting house prices and areas, just 18% of those consulted said that confidence in the local education facilities affected their decision to buy in a specific area.
Some 52% of respondents cited comfort and familiarity with surroundings as their main reason for staying near mum and dad. Furthermore, 62% of those questioned confirmed they would consider leaving the area in which they currently live.
Although almost half of UK homeowners live near mum and dad, 56% of respondents had moved away, showing that the desire to spread wings is still stronger than the wish to stay put near friends and family. For the 56% of wing spreaders, logical and practical considerations outweighed comfort and familiarity.
Some 34% confirmed they moved to take up a job in a different area. Interestingly, a higher proportion of women (57%) than men (43%) cited career as their reason for moving away to a different region. Only 21% moved in order to live with a partner. More women than men (23%) moved for love.
Nationwide also found that 79% of those who did choose to move away had no intention of ever moving back to the region of their childhood, whilst 63% of those who bought near mum and dad would consider moving away.
Source: Nationwide.