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The rise of the ‘grandlords’

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24/06/2015
Estate agency Move with Us has highlighted a wave of new terminology being used in the property market, including ‘rurburbs’ and ‘grandlords’.

 

A survey of more than 100 estate agencies in the UK asked what new jargon was being used in the market across the country.

It said many new phrases had been coined as the property market recovered from the financial crisis.

A new favourite is ‘grandlords’ – this is a term used to describe older people who invest their pensions into buy-to-let property.

Rurburbs refers to the increasing number of countryside areas which are being taken over by city workers and commuters – causing house prices to rise.

Boomerang kids refer to children in their 20s and 30s who are forced to move home after university or travelling to save a deposit for a home.

The firm said these new sayings were needed because of the changes in living circumstances and the wider property market.

Other terms highlighted included iceberg homes –used to describe a property that has basement extensions that are so bigger than the surface buildings.

Brewsters  is used to describe an expensive property, and takes its name from the film ‘Brewster’s Millions’.

Simon King, managing director of the Move with Us Partner Network, said: “Following the recession the property market has seen a significant change. This has led to new property trends popping up, for example, home owners digging down to create iceberg homes and people now having the ability to access their pensions in large sums.

“This has then led to new phrases being coined. It will be interesting in the future to see what new terminology arises and also which of these terms make it into the dictionary.”

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