Member Article

More North Easterners live close to home than anyone else in the UK

North Easterners are more likely to live close to where they grew up than anyone else in the UK

New research reveals that 63% of people in the region live within 15 miles of their family home – three times as many as in London.

Property Expert Ajay Jagota of North East-based sales and lettings firm KIS described the phenomenon as “good for both the North East property market and for the wider local economy”.

The research, carried out by mortgage and loans provide Ocean Finance shows 47% of people in England and Wales live within 15 miles of their parental home – a quarter less than the North East - with the figure falling to just 23% in London.

The figures come as research from estate agents Your Move showed rents in the North East to be on average 33% lower than the rest of the country and 54% lower than London. The research also showed that North East rents are rising seven-and-a-half-times more slowly than the rest of the UK, and even fell by 0.5% last month.

Property expert Ajay Jagota, founder and Chief Executive Officer of the North East’s most innovative sales and lettings business KIS, responded to the figures.

The property firm is famous for being the first letting agents in the UK to abolish deposits, replacing them with a one-of-a-kind landlord insurance policy offering guaranteed rent, deposit replacement, legal assistance and round the clock third party emergency home repairs

Ajay said: “There really is no place like home for nearly 2 in 3 North Easterners, and who can blame them. I was born in the Midlands and have lived all over the country, but the North East was the place I decided to build a business and which has always felt like home.

“These figures are not just a sign of local people’s pride in and love for their communities though, they’re good for both the North East property market and wider local economy.

“Traditionally a lot of people have left the North East in search of better jobs and a better standard of living. These figures suggest that less and less people are doing that and that we are holding onto more of our most talented younger people by offering them a great quality of life and great companies to work for.

“A lot of our communities are quite small and even within larger towns and cities people tend to stay pretty loyal to the same areas. In fact, roughly a third of people won’t look more than five miles from their current home when house-hunting.

“This leaves a comparatively small amount of homes available to buy or rent, driving up demand and leading to a fast-moving property market and a buoyant rental market.”

This was posted in Bdaily's Members' News section by Ajay Jagota .