Take 5… Homes that offer additional income
We’ve picked five standout homes currently on the market where the owners have made the most of every square foot or acre.
Convenience, Community and Connectivity: What makes us move?
From new-build flats in buzzing metropolises to seaside properties with panoramic views, where we want to live typically evolves over time.
There is a well-trodden path when it comes to where different generations like to call ‘home’. It won’t come as a surprise that Generation Z (‘Gen Z’, born 1997 - 2012) and Millennials (born 1981 – 1996) are drawn to the bright lights of the towns and cities, while Generation X (‘Gen X’, born 1965 – 1980) and Baby Boomers (born 1946 – 1964) are keen to live further out in suburbs, villages and the coast. The oldest generation, the Silent Generation (born 1928 – 1945), often prefer to return to more urban areas.
But what really lies behind these demographic trends? In this chapter of our annual Housing Futures survey, we delve into what makes different generations tick and how this defines the location they live in. Our analysis reveals there are three core levers that shape where people choose to live: Convenience, Community and Connectivity.
Convenience
Younger generations rely heavily on convenience, one of the major attractions of urban life.
Gen Z likes to be close to shops and other amenities. And more than half (57%) of this generation say it’s important to have access to food delivery services such as Deliveroo and Uber Eats.
Meanwhile, Millennials are largely motivated by children in the household, focusing on proximity to nurseries and schools. Rather than a home close to outdoor exercise spots and walking paths, both Gen Z and Millennials prefer the convenience of living near gyms and playgrounds.
These two generations are also the most interested in new-build homes, attracted by the fact that these properties have been designed with modern amenities, for modern lifestyles, and don’t require any work.
This appeal holds true for Beverley and Norman Hinckes, Baby Boomers who live in Wye, Kent. They’re moving so that they can “realise our ambition to build a modern home with little maintenance, by the coast”.
The convenience of having shops and other amenities on the doorstep brings people back to more urban areas later in life. The Silent Generation’s top reason for eyeing a move is health. Some 29% of this generation want to live in a town and a further 20% in the suburbs, citing access to GPs and pharmacies as well as shops and amenities as important factors.
Interestingly, the Silent Generation is not alone in considering its health. The proportion of people of all ages who view health as an important motivation to move has jumped from 29% in 2013 to 70% and 69% in our last two surveys. This suggests that Covid-19 has strengthened the connection people make between their health and their homes.
Community
Gen X and Baby Boomers typically take the step of moving out to more rural areas. But this move is not just fuelled by the search for more space.
“A lot of it comes down to community. Generally speaking, humans are social animals and like to do things with others. Villages tend to have a good sense of community, which appeals to Gen X and Baby Boomers,” explains Ed Church, head of Strutt & Parker agency in Kent.
“The most sought-after villages have good facilities too, such as a pub, sports club, or village hall. We are often asked if a village has an annual fête and the best normally do.”
Community is an important factor for Megan and Michael Whittaker, Baby Boomers who live in Canterbury, Kent. They say their home needs to be within striking distance of “good restaurants and coffee shops, and close to leisure and community facilities”.
Nearly a third (28%) of Baby Boomers reported living alone, focusing their desire for community. Yet safety concerns may also drive this search for community. Our analysis shows that safety is one of the three most important factors for almost all the generations. It comes up top for Gen Z, 82% of whom are actively looking to find a sense of community, according to Impero.
Matt Henderson, associate director of residential research, believes the way in which news is reported and repeated through social media has played a significant role in Gen Z’s prioritisation.
“Shock factor videos of crime and anti-social behaviour trending on social platforms can drive the desire for safety and community. Running clubs, creative collectives, and gym groups are all ways that younger generations look to achieve this in an urban environment.”
Connectivity
Digital connectivity is an ever-growing part of our lives and internet connection is an increasingly important motivation to move. Yet the reasons why each generation relies on it varies.
Gen Z is most in need of internet connectivity for gaming that requires ultrafast fibre, rarely found outside of built-up areas. Unsurprisingly, this shifts as people get older. Millennials are the most likely to work from home at least part of the week, reinforcing the need for good internet.
Our Housing Futures survey shows an uptick between Baby Boomers and the Silent Generation in the use of internet for video calls. This points to a desire to stay in touch with friends and family, possibly exacerbated by being less able to travel.
Charlotte Moxon, Head of Regional New Homes, explains: “Some people love technology, while for others, it can be too much. Developers have started to cater for this split by wiring homes but not implementing technology. This gives buyers the option of how connected they want to be.”
Baby Boomers show the strongest preference for working in the office. This may lessen their reliance on internet connectivity – but heightens the need for transport connectivity to reach the office. Only 13% are willing to commute further, even with some form of hybrid working.
Physical connectivity is high on everyone’s agenda. Jade Widdows, a Millennial, says that she needs to live within a five-minute walk of a train station.
But Baby Boomers top the charts, with 68% needing their home to be within two miles of the nearest transport hub. This level of connectivity may be something that is taken for granted by city-dwelling younger generations where stations and bus stops are a norm.
You may also like...