Half the Population Want to Move

Half the Population Want to Move

With spring almost upon us and the housing market starting to see some movement, a new survey has found that around 50% of us are considering a house move or looking to buy our first property. However, this doesn?t mean that everyone is in the right position to move straight away. On average, those that are looking to move within the next year have been making their decision for nearly four years.

The report commissioned by Gocompare.com highlights current feelings amongst homeowners and the reasons why they can?t currently move. Even though nearly half of us want to move up the ladder or put our first steps on to it, that doesn?t mean that we?re all set to move in the near future. Around two-thirds of people don?t think that they will be able to move in the next year. On top of this, about 20% of the population don?t believe that they will ever be in the right financial position to buy a house or move into a bigger one.

Why Homeowners Are Not Moving

In general, homeowners take almost four years to plan a move, showing that in most cases it?s not a snap decision. The reason for this long period of time varies between people, but in many cases it?s an issue with finances. 16% of those surveyed said that they weren?t moving at the moment due to the cost of buying a house, and 15% were worried about how much it costs to run and maintain a house. There were another 14% who had problems raising the deposit needed to buy their property, while another 10% had financial uncertainties such as concerns about job security.

Along with money worries, homeowners are also looking for the right house. Whether they?re looking for their first property with a compact garden, or moving up the chain and dreaming of a glass balcony, finding the right type of home for them can be hard. 9% of people who responded to the survey couldn?t find the property they wanted and this was why they hadn?t moved yet.

Regional Variations

Across the country there are variations in the numbers of people looking to move home. London and the South East have the greatest numbers of people who want to move, with 62% in London and 57% across the South East. Following behind these is the North West, where just over half of residents are thinking about moving home or buying their first property.

The capital is also the area where more people think that they will be able to move within the next year. 44% of those living in London are aiming to move this year, with many dreaming of a glass balcony to provide them with some outdoor space. Yorkshire and the Humber come in second with 42%, and Scotland is third with 40% of the population likely to move this year.

Figures from across the housing market show that there is definitely more movement within the industry. This should help some of those who are considering moving turn into genuine homebuyers.