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More And More People Hoping To Move Home In 2014…

January 27th 2014
By: Melanie
More And More People Hoping To Move Home In 2014…

New research shows that a quarter of Britons are hoping to move in 2014, despite that fact that house prices are increasing in the UK.

The new research by Ocean Finance shows that the number of first time buyers in the 18-24 age bracket has increased by 46.6%. 37.9% of 25-34 year olds plan to buy a new home in the next 12 months, and only 13.1% of people aged over 55 are planning to move this year.

A big motivator for people wanting to buy a new home is lack of space in their current home, with 25.3% of people stating that they would like to move into a larger property. By contrast only 9.4% of people in the survey said that they wanted to downsize, and another 8% of people wanted to find something cheaper.

People renting in the UK are also considering taking their first step or returning to home buying in 2014, with 7.7% of respondents saying that they are looking at buying their own home this year. This figure increased to 11.2% for those people aged between 25-34 years of age.

Proximity to work was also cited as a major factor in people considering a move this year, 12.5% of respondents stated that they would be moving for a job. The lure of moving to a nicer area was also enticing 9.2% of the people wanting to move.

Ian Williams of Ocean Finance stated: ‘Whether they plan to rent or buy, our research shows a quarter of people plan to move house this year. Whether or not they actually succeed in doing so, the figures show that demand for property is likely to remain strong,’

If you are considering making a move this year, why not pop into your local branch of Intercounty for a chat and a coffee.

Source: Property Wire.