Why do existing home owners move house?

News at Newton Fallowell | 25/07/2019



 

  • Over half a million households living in owner occupied homes are expecting to move to a new home within the next six months, accounting for 3.7% of homeowners. This is according to the latest data released by the English Housing Survey for 2017/18.
  • Younger owner occupiers are more likely to be looking for their next home than older households. 6.7% of 25 to 34 year old homeowners and 6.8% of 35-44 year old homeowners are expecting to move in the next six months compared to just 1.6% of over 65 year olds.
  • Moving to a larger property is the most popular reason why homeowners expect to move, with 37% of homeowners citing this reason. Those buying with a mortgage are even more strongly motivated by larger homes. 47% of those with a mortgage and looking to move, say that this is one of their primary reasons for moving.
  • Wishing for ‘nicer accommodation’ is the second most popular reason for looking to move, while being closer to family or friends is a strong motivator for the under 35s and over 65s.