Did you know that according to a survey conducted by a major property portal, 51% of homeowners asked are currently living in a home that is not meeting their needs?
The property portal asked 2400 people about their homes and the results suggested that UK homeowners stay in their homes for 4.4 years after realising that it is no longer meeting the family’s requirements. This amount of time, on average, includes from when people decide that their home is no longer right for them, to actually moving into a new property.
But what is it about their homes specifically that isn’t meeting their needs?
After the past year, COVID-19 has changed the needs and wants of property buyers. With families having to stay at home, the need for bigger space has become apparent. In the survey, 40% of respondents said that their home was no longer suitable because it was too small. This was found to be the main reason why property owners were unhappy in their current homes.
Alongside this, COVID-19 has seen a sharp increase of people having to work from home. For some people, this has been a difficult situation as they have no designated work area in their home. Zoopla found that 23% of respondents claimed that having no office space was an issue for them.
Despite homeowners not being happy with their properties, they are finding reasons to not move.
As a result of the survey, it was understood that in order to buy a property suitable for themselves, people feel it would cost an additional £125,000. Out of 2400 respondents, 26% said the cost of moving home presented a barrier.
Additionally, it was revealed that 27% of homeowners asked in the survey said that they have an emotional attachment to their home, whilst 55% of parents said that their children have an attachment to it. Furthermore, to having an emotional attachment to their home, 13% of parents said that moving home would be too upsetting for their children, and 36% said that they couldn’t bare the thought of moving out of the home which they raised their children in.
Other reasons for not wanting to move included liking their neighbours (27%), pets that are buried in the garden (8%) and not being able to find somewhere right for them within their budget (39%).
Andy Marshall, Chief Commercial Officer, said: “… We need to empower those who think a move is out of their grasp. With over 50% of Brits living in homes that don’t meet their needs, there is a huge untapped opportunity for agents and the broader industry alike.
“With our data showing that around half of UK homeowners undervalue their home by an average of £46,000, we’re encouraging homeowners to contact an agent directly for an expert market valuation...”
Our experts are happy to help you if you feel that the costs of moving are out of your grasp. From our valuation team, to our sales team, we are here to make the selling or buying process easier for you. Our priority is to look after our clients and our reviews prove that!
Contact one of our branches today and one of our team will be happy to help.