Stagnation in the UK housing market has been under the spotlight for the last few years, but new research has found that it’s not only Brexit and house prices that are discouraging people from moving home.
Attic Self Storage commissioned a Usurv survey of 3,000 residents from across the UK to find out more about what motivates people to move home. Using this original research, the company have produced an infographic and article detailing some of the most interesting and unexpected findings.
Here’s what researchers found:
- Stress is the single biggest factor stopping people from moving home
- 33% say that upsizing or downsizing would be their main reason for moving
- Only 22% cited mortgage affordability / rent as the main obstacle to moving
- 59% of people over the age of 65 do not plan to move house again
For example, the fact that 54% of London’s transient population hopes to move home over the next five years may not be that surprising. However, the news that residents in three other UK regions are more concerned about the impact of Brexit on their move than Londoners are, despite London being home to more than a third of all the EU Nationals who live in the UK, probably is.
Frederic de Ryckman de Betz, CEO at Attic Self Storage, said:
“It’s becoming a bit of a cliché, but uncertainty really is the new norm. Macroeconomic events have been joined by politics in their unpredictability, and while unemployment remains at record lows, there is significant uncertainty now about the impact of Brexit on the economy, employment, the housing market and home movers.
“We wanted to understand a little more about the motivations of all home movers, and we were genuinely surprised at some of the findings. The headline that 97% of respondents didn’t seem to think Brexit would be the main reason for their next home move is surprising. However, we were struck by the biggest obstacle to moving home – stress – which was cited more often than mortgage affordability. We think this sort of insight could lend weight to the Government’s drive to speed up the house buying process.”
To learn more about the findings, view the infographic and article here.