Homebuyers move home less frequently, according to report

September 27, 2017 by Brendan

Home owners

According to the latest figures from Zoopla, home owners wait an average of over 20 years between house moves.

The study highlights the slowdown of the property market, as the research indicates that Britons are currently waiting an average of 23 years to move home. This is a huge move away from decades earlier, when Britons would move home more frequently. In 1988, the average move was every 8.63 years. Factors behind the slowdown include tax changes, affordability and economic uncertainty.

The UK home mover data from Zoopla indicates that there are variations throughout the UK, with Welsh home owners remaining in their property for an average of 33.1 years. Home owners in Midlothian, Scotland are most likely to move, at an average of 14.9 years.

There are many reasons why a home owner will decide to move home, or remain in their current property, like the political and economic climate, or affordability issues. For instance, during the recession, people would have found it harder to sell their home, and may also have struggled to find secure employment. Current factors surrounding the average move time for home owners include shortage of properties.

The spokesperson for Zoopla, Lawrence Hall, said that regions of the country where home movers change properties more frequently may indicate lower stocks of housing or lower demand. CeMAP qualified mortgage advisors are able to help home movers to secure the best possible deal for their new home, whether they are first time buyers or moving from an existing property.