In a report undertaken for the BBC, it is believed that property owners are now moving home half as much as they used before the Credit Crunch. Some of the reasons cited for people staying put for longer include:
- Expensive property prices
- Difficulties in obtaining a mortgage
- Older people remaining n their larger homes
Statistics suggested that the average person or household would move four times after their first property purchase but in the present day, the trend is for people to move twice after they have purchased their first home. There has also been a growing trend of people extending their property, as people look to shape their home to their needs as opposed to moving to a larger home.
It would be fair to say that there has been a focus on first-time buyers in the property market. This is an area that many people have struggled with but with increased mortgage support, Help To Buy Schemes and other forms of assistance, some people now find that getting on to the property ladder is simpler than moving up the property ladder.
There has been a notable downturn in property moves
The report for the BBC was created by Savills and their figures suggest that prior to 2008, property owners moved 3.6 times after their initial property purchase. In more recent times, this average figure has fallen to 1.8 times. If people cannot find the property that is right for them at a suitable price, it is understandable that they are going to look for ways to improve or extend their current property.
It is important that the impact on the economy is recognised. The impact of fewer moves on removal companies is likely to be an issue and other related roles could also suffer. There is a need for companies in this sector to diversify as much as they can while still providing the highest standard of service that they can.
Find the home you are happy to stay in
At Spencer Harvey, we understand the challenges of the property market. If people are going to move on fewer occasions in their life, it is essential to make each move as strong and as robust as can be. This is an area we can assist in, and we are here to ensure you find a home that you are more than happy with. If you intend to spend a lot of years in one home, make sure it is a property that you love.
If you would like to talk more about Stockport property options, you will find that we are the local experts you can rely on. You can give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.htm