What are the Main Reasons People Move House?

12th June 2014 posted in Home Lifestyle Buyers Tenants

Not too long ago it was the norm to only move once or twice in your entire lifetime, finding a home and staying put until you needed more or less space. These days, however, the average person moves around every six years or so.

Moving can be long and stressful and take up a long of time and energy, so why do people do it? According to research carried out earlier this year, the main reason for moving house is down to lifestyle.

A thousand people were surveyed and more than half of them said that lifestyle was the main reason that they had made the decision to up and move. The term “lifestyle” covered retirement, a change in income and choosing to move to a more rural area.

Another very popular reason to move, cited by 35% of people, was to be closer to shops and amenities. Moving to be closer to friends and family was not far behind though at 32%, and reducing costs was next at 31%.

The data showed that around 10% of those involved thought that they would probably be living in a multigenerational household within the next five years, either with their parents or children.

Traditionally, homebuyers would downsize to a smaller property to reduce space and costs, but now they tend to be moving to a larger or similar sized property in a cheaper location or just reducing the land attached to their property.

One of the big reasons behind this is that children are not moving out until their late twenties and thirties. Property prices have soared, meaning it’s very difficult to get onto the property ladder and renting is just throwing money away if you can still live at home.

Of those surveyed, over 80% said that their perfect property would be a detached house with four bedrooms. Cottages were the most popular in the north east, and only 8% of people said they would choose to own a flat or apartment.

A whopping 95% of people said that they would want outside space and the three top things to have close by were public transport, shops and culture. Of those asked, half owned their own property and two thirds said within the next five years they would be mortgage free.

Another reason that the number of people moving more often in their life is on the up, is down to technology. Before estate agents had websites it was much harder and more time consuming to go and meet with them about suitable properties, but now all potential buyers need to do is look on the internet.

Being able to browse different properties at our leisure online means that people can see the different properties and areas they could live in if they were to move. It also means that it is easier for buyers to move abroad for a period of time, before returning to a house in the UK.

With government schemes such as Help to Buy in place, more young people have jumped onto the property ladder than ever, but with house prices continuing to soar, will this encourage homeowners to stay put or will they choose to cash in on the increasing value of their home?