The latest research from Romal Capital shows that close to one third of those who own a home will be looking to move as soon as the COVID-19 pandemic is over.
The results of the survey reveal that 31% of those that took part are hoping to buy a new home as soon as possible, with the extended time spent at home due to the lockdowns cited as the main reason. This represents a huge increase on the typical average number of people who move during a year, which is 5%.
Among the major factors that are driving this desire to move among homeowners is the urge to have somewhere with higher standards of living, due to the expectation that they will be working from home more in the future. This makes it clear that the pandemic and the lockdowns are directly responsible for the figures.
Further emphasising the impact that the shift to homeworking has had is the fact that younger people were much more likely to be keen to move. The Romal Capital survey found that more people in the 25-34 age bracket wanted to move than people aged 60 or over.
Speaking to Mortgage Strategy, Greg Malouf from Romal Capital said:
“We’re seeing a paradigm shift in how this country wants to live and work. Hybrid working options and lifestyle changes are two key elements driving this change in behaviour.”
It appears that younger people will be the target market for mortgage advisors once their CeMAP training is completed.