Property market healthier in the South
There is a huge North South divide in the property market when it comes to how often homes change hands.
Properties are held by their owners for an average of just 16 years in the South East and 17 years in London and the South West, according to conveyancing firm My Home Move.
However, homeowners in the North East keep hold of their homes the longest, with property changing hands every 22 years on average – that’s 36% longer between sales than in the South East.
A higher rate of property ‘turnover’ between owners is a sign of a healthy housing market as people move to new areas for work, upgrade to a larger home to accommodate a growing family or downsize when they no longer need the extra space.
Doug Crawford, CEO of My Home Move, explained:
“Homes in healthy property markets change hands often, as people move up the housing ladder or move to new areas for jobs or a change of lifestyle. Our research reveals a striking regional trend moving from the South coast up the country, with homeowners in the South likely to move much more frequently than those in the North, who tend to stay put for longer.
“England has a two-speed house market, which reflects its two-speed economy. The stronger job market and higher incomes in the South mean that people buy and sell homes more often than in the North.”