Revealed! The main reasons why people aren’t moving

One in five UK homeowners have considered moving in the past two years but decided in the end not to go ahead, research suggests.

But it’s not just one thing stopping people from moving – it’s a cumulative burden of overwhelming costs – not least Stamp Duty – stress and unsuitable housing options.

The most common reason for not moving was high house prices, cited by 35% as an obstacle.

A similar figures cited the stress of moving as a barrier, with 27% highlighting a shortage of suitable homes, while 28% were concerned about moving costs.

Stamp Duty was cited by almost a quarter (24%) of UK homeowners that considered moving in the past two years but didn’t. 

The HomeOwners Alliance, which conducted the research, claims this is an equivalent of 800,000 potential movers shelving plans.

Its chief executive Paula Higgins said:

“Our research reveals a housing market in crisis – not because people don’t want to move, but because they simply can’t afford to. With more than 800,000 homeowners shelving their moving plans, we’re seeing families trapped in unsuitable homes, unable to upsize for growing children or downsize as they age.  While house prices are difficult to control, the government does have levers it can pull and we hope to see this reflected in the Spending Review and the long-awaited housing strategy.

“Stamp Duty is acting as a handbrake on the housing market. When a family faces a £10,000 Stamp Duty bill just to move to a £400,000 home – before they’ve even paid for surveys, legal fees, and removal costs – it’s no wonder a quarter of potential movers are staying put.

“We also need the right mix of homes. Older homeowners need step-free properties, growing families need larger homes, and everyone needs options they can actually afford. Government needs to look at the existing housing stock and how to help people move into homes that better suit their needs. Finally, although it may not grab headlines, making the home buying and selling process less of a Russian roulette game and more certain and streamlined would give people the confidence to move.”

Kindly shared by EstateAgentTODAY Image courtesy of Adobe