Lloyds Bank announced that the number of people moving home fell in 2016 for the first time in five years!
We’re all familiar with the reasons why we dream of moving home; more space, a nicer location, to be closer to work or a better school… But what are the top reasons people are put off moving home?
A survey of 1,000 UK homeowners by fixed fee estate agent, YOPA, found that the leading factors that stop people from moving home include the substantial cost of moving, the high stress factor involved, a lack of suitable homes available on the market, wanting to stay close to family and being rejected for a mortgage.
What are the top factors that put people off moving home?
1. 52% – ‘The cost of moving is too high’
2. 44% – ‘The moving process is too stressful’
3. 35% – ‘Other properties are too expensive’
4. 29% – ‘The selling process is too complicated’
5. 28% – ‘Lack of suitable homes available’
6. 17% – ‘I can’t find a home in the area I want’
7. 15% – ‘I don’t want to leave my neighbourhood’
8. 15% – ‘Dealing with estate agents is too stressful’
9. 15% – ‘I want to stay close to my family’
10. 14% – ‘I can’t get accepted for a mortgage’
Over half (52 per cent) of respondents reported that the high cost of moving – which includes removal costs, stamp duty, legal fees and estate agents fees – was the primary factor preventing them from moving to a new home.
This isn’t surprising, when according to The Money Advice Service, the average cost of moving home in the UK currently stands at £10,996 (£31,416 in London). This is the amount that UK homebuyers need to save on top of their deposit to afford a move.
And it’s not just the financial strain that puts people off. 44 per cent of the public reported that they were reluctant to move home because they felt that the moving process itself was far too stressful.
Meanwhile, over a third said that they thought other properties on the market were too expensive, whilst more than two in seven felt that the process of selling their home was too complicated.
Other factors Brits reported as putting them off moving home included a lack of suitable homes available on the market (28 per cent) and not being able to find a home in the area they want to move to (17 per cent).
An equal number of respondents (15 per cent) stated that they didn’t want to leave their current neighbourhood and wanted to stay close to family. The same number claimed that they thought dealing with estate agents was much too stressful.
Sadly, one in seven reported that their dreams of moving home were scuppered because they couldn’t even get accepted for a mortgage.
Daniel Attia, CEO and co-founder of YOPA, which carried out the research, said, “It’s shocking to find that high costs top the list of factors stopping people from moving home. The fact that homebuyers need to save upwards of £10,000 on top of their deposit to cover less obvious costs like stamp duty and removal fees, combined with sky-high house prices, is making it harder than ever for people to move.”
“It’s no surprise then that the popularity of fixed-fee estate agents are on the rise, knocking an average of over £3,000 off these costs and making moving home much more attainable to the average person. Consumers are becoming increasingly savvy to the huge savings that can be recouped from avoiding estate agent commission, which is usually between one and two per cent of the property’s sale price.
“The fact that so many people feel baffled by the process of selling their home and think that dealing with estate agents is too stressful to warrant moving clearly demonstrates that estate agents in the UK still have a long way to go in terms of driving up standards, demystifying the home selling process and delivering a positive customer experience.”
