Britain’s aspiring homemakers disappearing from major city centres

London, UK, 27 July, 2015 – Virtually none of Britain’s aspiring homemakers can now be found living in central parts of London, according to new research showing where the youngest generation of house buyers in the UK are now living.

Most likely to be first time buyers, Experian defines ‘aspiring homemakers’ as young families on the first rung of the property ladder, aged 26-35, typically thinking about starting a family. This group are driven by affordability when selecting somewhere to live, typically looking to balance a location close to city centre amenities with cost.

The bottom 20 UK locations for aspiring homemakers is dominated by London. Five London boroughs: Lambeth, Camden, Hammersmith and Fulham, Westminster, and Kensington and Chelsea, are in the bottom ten, alongside much more remote communities with lower populations, such as Arran and Cumbrae and the Isles of Scilly.

Bottom 20 UK locations for Aspiring Homemakers as a percentage of the local population

In London, where 54% of people can no longer afford to purchase where they live, those first time buyers that remain have been pushed to the outer boroughs, with the top five locations accounting for nearly half of the total population of aspiring homemakers in London:

Richard Jenkings, senior consultant at Experian Marketing Services, commented:

“Rising house prices have been a constant challenge for first-time buyers in the UK, and with deposits for first time buyers at over £80,000 on average in London, it’s clear to see why it is those trying to get onto the ladder that have been most effected by burgeoning property prices in London.

“Where young families are now setting up a home clearly has implications for a wide range of businesses and public sector organisations, from retailers to local authorities and the NHS.

“The majority of first-time buyers in London are now living in the outer boroughs, and, particularly those in the more affordable South and East of London. The central areas have become inaccessible, with the impact of house prices meaning that the percentage of aspiring homemakers within boroughs such as Kensington and Chelsea is actually fewer than we see in more isolated regions, such as the Isles of Skye and Lochalsh.”

This follows from previous research that has shown how younger families on the first step of the property ladder are in the process of creating rural suburbs in their search for more space to bring up growing families.  

Nationally, the picture highlights the presence of aspiring homemakers in many towns that are within commuting reach of major cities, particularly London.

Top 10 locations for Aspiring Homemakers as a percentage of the local population

“Understanding the evolving demographics of the UK is an essential insight for organisations of all shapes and sizes, helping them to connect with the right audience at the right time,” continued Jenkings. “The population in British cities has clearly dramatically altered in recent times. With central areas now dominated by a combination of the very well-off and a new generation of young renters.

“Increasingly, aspirational homeowners have to move outside the city for their first homes, while younger families who are looking for more space must look farther afield to more rural areas, with rapid transport links, to fulfil their housing needs.”

-Ends-

Contact:

Nick Jones

Head of PR, Marketing Services, Experian UK&I and EMEA

+44 (0) 20 7401 3054

Mobile: +44 (0) 7583 297082

nick.jones@experian.com

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