Moving home is ‘becoming a rarity’

Homeowners are moving half as often as they did before the credit crunch, figures produced for the BBC suggest.

Reasons include high house prices, stricter rules on getting mortgages and older people staying on in large properties.

People used to move house roughly four times after their first purchase. Now it is more like twice.

There is a boom in extending homes instead, as parents strive to create enough space to cram in their families.

“Those not trading up are the forgotten people of the housing market,” said Lucian Cook, head of residential research at estate agent Savills.

“We’ve concentrated on first-time buyers. They get the concessions and all the focus has been on getting people onto the housing ladder.”

Even so, Mr Cook said he was surprised at the results of research on moving, undertaken by Savills for BBC News, which showed:

  • Before 2008, homeowners moved, on average, 3.6 times, after buying their first property
  • In recent years, the slower pace of buying and selling suggests they will move, on average, 1.8 times over their lifetimes

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Source: BBC News