Tepilo takes a look at the top reasons people are moving home this summer, from a new workplace to the need to house a growing family.
As a property seller, it’s interesting to know the most common reasons for people moving home so you can tailor your strategy accordingly.
With this in mind, research from AA Mortgages has revealed the main motivating factors for people moving home this summer. Its study of over 2,100 adults suggests that a change of career or moving closer to a workplace are the things that are most likely to dictate when and where people decide to move house in the next few months.
Below, we take a closer look at the findings…
Work tops the list
In Q2 of this year, some 23% of those surveyed said work was their top reason for moving (whether for a change of job or to be nearer to their place of work). Work-related reasons for moving home have increased by 5% in just the last three months, up from 17% in Q1 2018. During this time period ‘work-related reasons’ was the only factor to witness a significant increase.
At a time when the Office for National Statistics (ONS) recently reported the employment rate being at its highest (75.6%) since comparable records started in 1971, it’s perhaps no surprise that work is now such an important factor in when and where people decide to move.
It is also most common among the under 25s, with 39% of people in this age range deciding to move for employment reasons.
More space for a growing family
For 11% of people, meanwhile, the trigger was having a new baby, expecting another child or preparing to start a family for the first time. To make this feasible, more space and extra bedrooms are needed. Family is also a key factor for the further 10% of respondents who said they wanted to be closer to their nearest and dearest.
The need for a cheaper abode
The second biggest reason for moving was the need to live in a cheaper area (12%). Instead of upsizing or trading up, the findings suggest that those looking to move in the next few months are more likely to be looking for ways to free up some disposable income.
As well as those eager to live in a more affordable location, 7% of those surveyed were looking to downsize to release some capital/equity in their home.
Bad neighbours, country living, divorce and marriage
Other top reasons for moving included: ‘disliking my current neighbours/area’, craving a move to the country and the desire to be closer to local amenities. The rest of the top 10 was rounded off by marriage and divorce respectively, highlighting both a positive reason for moving home and a not so positive one.
Clear link between age and moving plans
The data also highlights a clear link between age or life stage and plans to move. The younger generation (18-24-year olds), for example, are the most likely to be planning a move to advance their career. They are also the most likely to be seeking a cheaper area to live in.
By contrast, those aged between 25 and 34 are most likely to be planning a move because they needed more space for their expanding family, as well as relocating to a nicer area.
Older homeowners (those aged 55+), on the other hand, were by some distance the most likely to be downsizing to release some capital (28%). This age group was also the most likely to be moving closer to family (26%) and upping sticks to the countryside for a quieter and more peaceful pace of life (19%).
The prime reasons for moving home, then, are often based around jobs, family connections, children and quality of life. If you have a home that is particularly appealing to an upsizer, second-stepper or downsizer, or one that will appeal to someone keen to put down roots in a place where they have a new job, your chances of selling should be good as demand will be high from a wide range of demographics.
In the summer months, you have a number of factors working in your favour when it comes to selling a property: the weather, for one – with the longer days and extra hours of sunshine encouraging people to get out and about viewing homes. What’s more, better weather allows you to shine a positive light on your home’s best attributes, as well as giving you the chance to make best use of any garden space you happen to have.
Remember, even if you only have limited outdoor space, there are ways and means to make use of it. The same goes for the rest of your house; make use of each and every part of your property, from the obvious selling points to the potential hidden gems.