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26% hope to move home this year

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One in four people hope to move into a new home in the course of the next 12 months.
26% hope to move home this year

According to research carried out by Ocean Finance more than a quarter (26.1%) of adults in the UK hope to move into a new property this year – whether renting or buying.

Thisfigure inceases to nearly half (46.6%) of 18 to 24 year olds.

Of the 25 to 34-year-old age group, more than a third (37.9%) plan to get a new place in the next 12 months However, little more than one in 10 (13.1%) over-55 year olds are considering a move.

In London, two-fifths (40.1%) of residents intend to move address at some point during 2014, despite rent and house prices being far higher in the capital than anywhere else in the country.

Meanwhile, people in East Anglia appear the most content in their current homes, with just short of a fifth (17.8%) considering upping sticks for a new property.

Wanting more space was the main motivation for people to move, with a quarter (25.3%) of those hoping to do so revealing they will look for somewhere bigger.

Fewer than one in 10 (9.4%) people are considering downsizing this year, and only 8% of respondents said they needed to find somewhere cheaper.

Many renters in the UK are also considering either taking their first step on the housing ladder or returning to it in 2014, as 7.7% of respondents said they would be looking to buy their own place.

This figure rose to more than one in 10 (11.2%) of those aged between 25 and 34.

Work was the main driver for an eighth (12.5%) of respondents, who revealed they would be moving for their job. Double the number of women (16.1%) than men (7.1%) gave this as their reason for moving.

Lifestyle was also a major driver behind many people’s ambitions to get a new place, with nearly one in 10 (9.2%) respondents admitting they wanted to move to a ‘nicer area’.

Ian Williams of Ocean Finance said: “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.”

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