New figures have revealed that people in the UK are moving less than they did thirty years ago. There just isn’t the same turnover of property that there used to be, this could be caused by many different economic reasons.
Statistically homes are changing hands every 19 years in England, compared to the 80’s when the average home changed hands every eight years. People move more often in the South East, moving every 16 years compared to the North East where homeowners move every 22 years.
In the Capital and South West homes change hands every 17 years - in the East Midlands every 18 years, in the East, Yorkshire and Humberside every 19 years, whilst in the West Midlands people move on average every 20 years and the North East every 21 years.
The economic reasons behind this change could be down to various factors; the cost of moving has gone up in the past few years, the average estimated cost of moving home in 2014 was £8,689. Older people are tending to stay in their homes rather than downsizing. The cost of stamp duty has gone up for properties worth in excess of £1.5 million, which has had a negative impact on property exchanges. Homeowners are also taking advantage of Permitted Development changes and are deciding to move up and out rather than moving. Lack of property stock in the market place has perhaps hindered property moves as well.
Figures from: My Home Move