Could Your Possessions Be Affecting Where You Invest?
I read a really fascinating piece the other day about the amount of possessions homeowners take with them when they move…
In this article, property website reallymoving.com noticed a significant difference of up to 174 cubic feet between property owners in the North and the South of the UK, and it got me thinking that perhaps the amount of valuables we own actually affects the types of properties we invest in.
For instance, Londoners are reputed to own 737 cubic feet of possessions, whilst property owners in the North East generally own as much as 911 cubic feet.
Now this may look like nothing, but when you factor in to the equation the fact that 1) Londoners tend to move a lot (due to their jobs) and 2) they can only afford smaller property spaces the closer they move into the city centre, then it is no wonder than Londoners own so little. Property prices and where you live can affect how much you own!
Is this true of the whole UK?
After reading this, I began digging round looking into other regions across the UK to see if the results were similar, and to be truthful they were pretty spot on.
Taking into consideration that 1 large sofa equates to 45 cubic feet, a bed 40 cubic feet and a TV just 3 cubic feet, the results speaks for themselves:
- East of England – 911 cubic feet
- Midlands – 891 cubic feet
- South England – 877 cubic feet
- Wales – 868 cubic feet
- South West England – 856 cubic feet
- North West England – 844 cubic feet
- North East England – 828 cubic feet
- Northern Ireland – 783 cubic feet
- Scotland – 788 cubic feet
- London – 737 cubic feet
As a rule, the more expensive the location (apart from Scotland and Northern Ireland), the fewer possessions these property owners tended to own!
But what really fascinated me was how this knowledge could easily be used to influence which property investments you invest in. For example have the info to recognise that property owners in the Midlands own more possessions than those in Scotland and you can invest proportionately towards your tenants needs and ensure a greater tenancy demand.
It is definitely a crazy idea but definitely worth bearing in mind, the next time you invest.
Wendy xx
