
A growing appetite among homeowners to move house has helped to inject vibrancy back into the residential property market, new research shows.
A growing appetite among homeowners to move house has helped to inject vibrancy back into the residential property market, new research shows.
At the start of 2013, just 7% of people said they aimed to move to a new home within 12 months but that figure has now doubled to 14%, according to Clydesdale and Yorkshire Banks’ annual house buyers study.
It reveals that the proportion of people planning to stay put in their current property has fallen from 62% in January 2013 to 58% a year later.
The proportion of those intending to improve or extend their current home (22%), meanwhile, has remained static over the course of the year.
“As market buoyancy continues to make headlines”, comments Tim Page-Ratcliffe, Head of Strutt & Parker in Lewes, “the good news is that the increased activity across most sectors of the residential property market is not just confined to London and the south east. Most regions of the UK including the North Wales and Scotland are now experiencing improving trading conditions.”
George Burnand, Head of Strutt & Parker in Winchester confirms: “So far in January our office has had an incredibly busy period. Increased activity has been described across the Strutt & Parker network; in Cambridge, the office reports achieving 108% average on guide prices, with sales going through in a matter of weeks - a real demonstration of how demand is hotting up.”
The survey also suggests that Brits continue to be optimistic that their homes will continue to increase in value this year, with almost half (48%) believing it will rise whereas only 3% expect the value of their home to decline.
A New Year is traditionally a time for planning and looking ahead and moving home is again becoming a priority for many people.