Forget the obsession with London house prices, British people moving home are more than twice as likely to say they want to move to the country than get a taste of city life, new research has found.
At a time when it has been revealed that there are more sellers than buyers on the housing market at the moment, and with reports that London in particular has been hit hardest with higher house prices, the new research from the AA suggests there is more movement in the housing market than had previously been thought, with people bailing out of city life for a better quality of life in the country.
Whilst the under 25 age group was the exception, twice as likely to favour a move to the city at 18% compared to 9% moving to the country, this flips from the age of 35 when a move to the country is far more appealing at 13% versus 3% moving to the city.
This is also a time when people are less likely to move because of a job and more likely to move in order to be in a good school catchment area, nearer family and in a safer area with lower levels of crime, the report explains.
These factors become even more important with age. For the over 55 age group some 31% say a move to the country is the reason behind moving house, with just 1% wanting to move to the city.
With 8% of British adults planning to move house in the next six months, and with a budget of £320,726 to spend on their next home, AA Financial Services asked people planning to move home what the top reasons were behind their decision to move house.
Despite the nation’s apparent obsession with house prices, a mere 11% of people planning to move were doing so for purely financial reasons and as an opportune time to make money on property.
Overall, work was the top factor behind a house or flat move at 22% and was pivotal for the under 25s marking a start in their career where it rose to 42%. After this came a run of lifestyle factors such as moving to the country, having children, being closer to family and the desire to live in a cheaper area with lower levels of crime.
Implicit within the research findings, many people were looking to free up money through a house move. 15% of respondents said they wanted to move to a cheaper area and 13% were looking to downsize property in order to free up some capital. By implication, for many a move to country would probably also correlate with cheaper average house prices.
Overall 22% said they want to move for work or to be nearer their present work, 18% dislike where they live currently, and 18% want to move to the country, while 16% want to be closer to family, and 15% want to live in a cheaper area.
The research also found that 15% were moving due to a change in their relationship such as marriage or divorce, some 13% were downsizing to raise equity and 12% could no longer stand their neighbours. Some 12% also wanted to move due to having a bigger family while 11% wanted to live in an area with less crime.
Original source:Property Wire https://www.propertywire.com/news/uk/work-top-reason-moving-uk-followed-desire-live-country/