The housing market has been extremely busy of late, but it seems as though there might be more movement in the near future.
Information shared by Dataloft, taken from the English Housing Survey, suggests:
- One in every eight home movers across the UK expects to be in their new home for less than 5 years, over one third for a decade or less.
- Over half of home buyers aged up to 34 expect to move again within a decade, 18% only expecting to be in their next home for 5 years of less.
- While younger buyers expect to move quite quickly, 44% of those aged 55-64 and 35% of those aged 65+ expect to be in their new home for over 20 years.
- In 2019/20, those with a mortgage spent an average of 10 years in their home. This compares to 23.8 years for owner-occupiers who own their property outright
When do you expect to move?
The figure of one in 8 respondents plan to move home within five years is of interest, especially when you consider the level of upheaval the housing market has experienced in the past year. It is fair to say 2020 and 2021 have been unusual years, but even with that in mind, the amount of property market moves has been astounding.
Therefore, if one in eight people who have moved in the past year are tipped to move within the next five years, the market will remain busy.
Whether you have moved recently or not, this timescale gives you an opportunity, because when there is movement in the market, opportunities arise.
Think about your options and plan ahead
You might not be looking to move soon, but if you fancy a move within five years, it is time to start thinking about your options. Consider where you would like to move, what your likely budget will be, and what local features or facilities matter to you.
You should also consider the steps you can take to improve your home to better appeal to prospective buyers. Changes you make now might make your home very appealing, and this should help you gain an advantage in the local housing market.
Of course, if you are keen to grab an advantage in the local housing market, we are here for you. At Hunters Forest Hill, we know the local housing market well. We are pleased to say we have assisted many buyers and vendors, and one of our key strengths is how we bring these groups together.
Whatever your future housing plans are, we are here to assist you as best we can.
At Hunters Forest Hill, we know selling property is challenging, but we are here to assist you in the process. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.