This week our marketing team have been looking at how far tenants move home when they come to leave their current rented property. This was a question that was asked, just a few weeks ago by a current landlord who is considering expanding his portfolio.
Our lettings team thought it was quite a good question, they have always been proud of the fact that when most tenants left us, it was because they were leaving the area through a job change, or stopping to buy a home. Not because they hated their home! Sometimes tenants have needed to upsize due to a change in circumstances – eg starting family.
So how far do they move?
The slide show above breaks it down per region across the UK – Pre-COVID of course. It will be interesting to see how it changes.
More locally in the northwest, almost a third of movers will move over 25 miles. Now, this comes as no surprise especially in Lancaster – we are after all a University City which attracts people from around the world.
Where we all should be a concerned though is the number of tenants that move just 1 mile. If they are re-letting somewhere else close by, questions need to be asked.
This is something we look closely at. What is the real reason? If they are buying a home – great. If they need to upsize- great. But if it is because of the state of the property or the landlord’s reluctance to carry our repairs, this is an issue. Thankfully at JDG, we rarely have these issues!
If you are thinking of investing in the Lancaster, Morecambe or Kirby Lonsdale Property Market, please get in touch. Through JDG and our sister company Chamberlain Property Management, we are here to help.
You can reach us on 01524 843322 or simply email john@jdg.co.uk