Are you a GloMad or Tumbleweeder? Discover the London housing tribes that’ll be determining the property landscape
Every week, City PM invites an industry professional to write about an emerging trend in the property market.
Are you a MeCo, a Tumbleweeder, or perhaps a My Sizer? These are London’s new housing tribes. Through Strutt & Parker’s latest Housing Futures research, we discovered that 65 per cent of Londoners who intend to move in the coming five years will move out of the city. However, for those that stay the tribe they fall into will determine their housing wants and needs.
Generally, all Londoners are driven by the wish to be closer to shops and public transport, two things which the city offers in abundance. They also want to be better able to financially support family and spend time with friends. That communication need extends to the desire for broadband and excellent telecoms. If these are the house moving drivers which align our tribes, so how do they differ?
Our survey classed 54 per cent of Londoners as My Sizers, those who are moving home so that they can better suit their evolving needs, both in terms of space and finances. They may be motivated to change their current housing in order to adjust their physical space to the right size. They also include property owners who are moving to free up capital, which we shorten to the Four Ss: shrinking to share, save and spend.
Read more: Why Built to Rent is the answer to London's housing shortage
Although a very recent trend, Londoners are often at the cutting edge of global shifts and 34 per cent would categorise themselves as MeCos. Putting their health and wellbeing at a premium, this tribe want a home that includes architecture, design and technology which supports their lifestyle.
GloMads are the nomads of the world, who shift from city to city depending on where their work takes them. A relatively small group, 22 per cent of our survey group would class themselves at GloMads; they will often seek rental housing to ensure they can be as flexible as possible. They may well also want fully furnished ‘menu’ type options, and will seek city centre or vibrant communities where they can take advantage of the local buzz.
Tumbleweeders (19 per cent) and Waltons (22 per cent) are our two smallest groups. They are the polar opposite tribes – the first is those who under-occupy their homes, the second who have more than two generations within their homes.
Read more: Why paying for London property with US dollars could save you a fortune
This latter is an example of significant shifts in the way we live driven by affordability, people living longer and also lifestyle choices. Another startling trend is the move towards living alone, a tribe we call our Onesies. According to the ONS in 2015 there were 7.7m one person households in the UK, up from 6.5m in 2001.
For the London housing market, our tribes show that we need new housing solutions. This could be increasing the density of how we live to help tackle affordability – micro-mansions for example are small, but perfectly formed flats which, through clever design, ensure city living is open to a wider range of budgets. There is also Build-to-Rent or the Private Rented Sector – well specified, designed and purpose built rental accommodation catering to singles, couples and families.
Finally Platinum Places – lock up and leave housing for those wishing to downsize once their children have left home and want the amenities and convenience of urban life whilst being close to family and friends. Pay attention to these new tribes because they will determine the shape of the London housing landscape over the coming decade.