For the majority, the response is not very far.
It is much more common for homeowners and tenants in Great Britain to move across town than to the next town or county. Until now, it’s been hard to say how many homeowners and tenants moved from, and to, relatively far away to buy or rent their new home. However, we carried out some research and requested some statistics from the Royal Mail. What came back was fascinating!
Using statistics for the 12 months up to the middle of Autumn 2016, 295 households moved out of Boston (PE21), moving an average distance of 50.47 miles. The greatest distance travelled was 303 miles when someone moved to St Ives.
Considering there were 538 property sales in PE21 in the year and countless tenant moves, the numbers seems consistent – once you find a town you like, you tend to want to settle down and if you do move, you might only move to a different neighbourhood, or for better transport links or, to be closer to the school you want to get your children into, but the likelihood is you won’t travel far.
We then turned my attention to people moving into Boston.
Using the same statistics for the 12 months up to the middle of Autumn 2016, 212 households moved into Boston (PE21), moving an average distance of 46.96 miles. The greatest distance travelled was 357 miles when someone moved from North Kessock in Scotland to Boston.
We have looked at the data of every person moving into Boston and these have been plotted on a map of the UK. Looking at the map below, it shows exactly where most people come from, when moving into Boston. As you can see, there are a high proportion of people moving from London and the South.
So, what does all this mean for the landlords and homeowners of Boston?
When an agent markets a property for rent or let, it is vital to know the tenant or property buyer well, that the properties they are letting/selling fit those tenants/buyers, so they almost sell themselves. These days that means not only knowing how many bedrooms, reception rooms etc., a property offers but the budget buyers and tenants want to spend on a property in that area as well as where they come from.
The estate and lettings industry loves the mantra “location, location, location”. We say it might be helpful to factor in where, and how, far people are moving from, so the property can be sold or let more easily.
Many say knowledge is power and whilst we enjoy writing our blogs on the Boston property market, we also use the information to help our clients buy, let and sell well. So for example, the information gained for this article, will enable our teams to be more efficient in where to direct our marketing resources to ensure we maximise our clients’ properties sale-ability or rent-ability.