Housing trap stops 7 million from moving home

by Property 118

15:16 PM, 16th February 2011
About 8 years ago

Housing trap stops 7 million from moving home

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Housing trap stops 7 million from moving home

Millions of people want to move home but can’t because they cannot raise a mortgage or sell their property.

Research shows 30% of householders are ready to move – that’s about 7 million people.

Many wanting to move are doing so out of necessity, with more than a third citing a change in circumstances.

More than a quarter (27%) said a dream home bargain would make them move. A further 14% are relocating and 10% are expanding their family.

The figure is a massive increase on the 2 million householders (9%) who moved at the depths of the recession.

The main hurdle to moving home is seen as difficulties in finding a mortgage and uncertainty over house prices and interest rates.

Steve Reid, of Clydesdale Bank, who carried out the survey, said: “It is greatly encouraging for the property market that more people are clearly keen to move but, of course, there is still natural caution in the market.

“It’s understandable that many people will have put off moving in the last couple of years so the potential demand is there – but the conditions will have to be right for the individual house buyer to see that demand translate into a move.”

Estate agents welcome more home seekers

The research revealed that moving plans have led many to postpone home improvements.

Only 17% plan to improve or extend their home this year, compared to 54% in October 2008.

Estate agents back the survey results by reporting the number of home seekers hit a six-month high in January.

The number of people registering with estate agents to buy property improved from an average of 227 in December to 252 in January however this is still down on January 2010’s figure of 291.

Houses available for sale increased from 64 per branch in December to 69 in January.

Michael Jones, president of the National Association of Estate Agents, said: “It is encouraging to see activity levels begin to increase.

“When compared with this time last year, the market is still showing signs of consumer reluctance. The VAT rise and interest rate pressures continue to put many people off searching for property.”



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