With the weather getting warmer, property market activity tends to see a rise as many look to get the home move done and dusted before their holiday or before the kids have to go back to school.
Whether you’re looking to upgrade, downsize, start a family or start a new career, a new survey has found that we Brits move home for a wide variety of reasons, but which is most common? The AA looks to answer this question after conducting a study to discover the most popular reasons for a change in location.
The research found that the most common reason for packing all of our stuff into boxes is due to a change of job, with almost 1 in 4 respondents (23%) stating that they were moving to a location closer to their new role.
As expected, the area in which the home is located holds great importance for homeowners, with 12% simply wanting to freshen things up with a change of scenery and another 11% looking to leave their current area as they’re not overly keen on their surroundings.
Some of the other top reasons for moving home was the 10% that wanted to live closer to their family and the same amount of survey participants that were looking for a quieter life in the countryside.
Also making the list was the 7% that felt they’d be better off in a smaller home, the 4% moving because of marriage or divorce and a further 3% that believed they could turn a profit from the transaction.
The survey also found that depending on the age group there are some differences. The younger demographic (18-24) had a strong focus on their careers and affordability, while the 25-34 year olds desired a larger home for family life. Those approaching retirement age (55+) were looking to fund their later years by downsizing, but also wanting to be as close to family as possible.
Director of Financial Services at AA – David Searle – commented “From a legacy of endless daytime TV shows, one can get the impression that buying and selling homes is just about making a quick profit on a property transaction. Our research puts this to rest as, beyond doubt, the reasons why and when people move are based on jobs, children, family connections and quality of life. A house is, after all, a home.
Whilst decisions about when to move are not really about money, the realities of running a family home often are. Our survey shows many people are concerned about how far their pay packet will stretch and being smart in making their disposable income go further”