Why do homeowners move house?

Each year between 300,000 – 400,000 people move home, and whilst the figure might be a little lower this year there will still be a huge number of people who moved before lockdown and those that choose to move in the next 6 months.

But why do homeowners move home? Well, the most popular reason might not come as any surprise as it’s to move to a larger property. Younger owner occupiers (someone who owns and lives in that property) are more likely to be looking for their next property than older households. Those in their 20’s and 30’s can quickly go from a first time buyer to a first time seller as they quickly outgrow their first home as their family grows. Whereas older homeowners are less likely to move as often.

The second most popular reason for moving home is for ‘nicer accommodation’. Naturally as people progress through their life they may look for a property with different features, such as a garden or spare room. A big influence in moving is also location as many move to a better neighbourhood and to be closer to work, better schools and amenities.

Finally, a large number of people move in order to be closer to family and friends. Now more than ever being close to family and friends has never been more important but it’s been a influence over where we live for decades, and will continue to always influence moving.

If you’re thinking about moving, whether that this year or in the future, then why not speak to one of our property experts at your local branch? We can also put you in touch with one of our Mortgage Advisers so you can see how much you’ll be able to borrow for your next move.