People are just not moving as often – for many reasons:
The days of relocating for a job are diminishing, as we can all work remotely and let’s face it, if a London company wanted you to meet once a week, it’s only a 90 minute train ride from Norwich to London. You don’t have to start sourcing boxes and scouring Rightmove for a new base on the outskirts of the capital.
Moving is expensive. Legal fees, conveyancing, removal costs and stamp duty mean you will have little left from £10,000. That’s some sum to allocate to a relocation?
Working from home. Now that homes are equipped with high speed broadband and the price of decent hardware like computers and printer have fallen, do people need an office base to commute to? Don’t get us wrong, it’s incredibly useful to have a centralised hub like we have in the Union Building, where we can meet clients and colleagues. But is it viable for everyone else?
People don’t move very far – or very often. It used to be the case that people moved every seven years on average and just four years on new developments – but those statistics are decidedly outmoded. It’s reckoned statistically now that people change homes every 17 years now! Perhaps it’s the stress of moving? It’s reckoned to be up there with divorce and death, so is it any wonder? People are not only reluctant to move but they don’t move far either – the average is 4 miles, believe it or not.
You can see the rationale though. You do get used to an area, anchored by children in local schools and form an attachment and affinity with a town, village or street, so moving far is often never an option.
What is an option though is remaining – not political coda for Brexit – but staying where you are and improving, by extending or converting.
Did you know, for example, that nationally, a third bedroom carries an average £70,000 premium. You can see this in Norwich on the new mews developments off King Street (on Music House Lane): 2 bed home £300,000; 3 bedroomed house £375,000. It’s the same with new build apartments in places like Grosvenor House, off Prince of Wales Road.
Food for thought for anyone reading this – and if you need specialist advice, call or email David and the team today.