Fewer homeowners on the move since the financial crash

Fewer homeowners on the move since the financial crash

Moving home used to be a regular occurrence for many people. But new research from the BBC suggests we are now moving half as often as we did before the 2008 financial crash.

Homeowners are now focused on extending their homes rather than moving to bigger properties. Other factors that affect the number of times we choose to sell up and buy another home are the high prices of property in the UK and the tougher criteria that lenders apply to first-time buyers in particular.

Meanwhile, many older people are not downsizing in the numbers they once did, partly because there are not enough suitable properties and those that are suitable are too expensive.

Forgotten people of the housing market

The BBC asked estate agent Savills to look at how often people moved homes before and after 2008. Before the crash and subsequent credit crunch, homeowners moved on average 3.6 times after they bought their first home.

Now homeowners are likely to move 1.8 times on average over their lifetime, say Savills.

Lucian Cook, head of residential research at Savills, told the BBC: "Those not trading up are the forgotten people of the housing market. We've concentrated on first-time buyers. They get the concessions and all the focus has been on getting people on to the housing ladder.

"If you're finding it much more difficult to move, that has a big impact on labour mobility."

Making enough to trade up

In areas where property values have not risen in the same way as more popular parts of the country, people are put off selling their home because they won't make any money on it or won't make enough to trade up.

According to the Savills research, those living in Wandsworth, Basingstoke and Deane, Norwich, Rushmoor, Lambeth, Corby, Swindon, Aylesbury Vale, South Norfolk and Bracknell Forest are the most frequent movers.

Those living in Pembrokeshire, Harrow, Ceredigion, Blaenau Gwent, Brent, Wolverhampton, Isle of Anglesey, Sefton, Newham and Redbridge are less likely to move home.

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by Frances Traynor
Thursday 19th of April 2018 04:23:27 PM