20 things

Moving Frequency Index

29 July 2006

• Research produced by the Royal Bank of Scotland (RBS) has revealed the average UK homeowner will move house 6 times after purchasing their first property.
• According to the RBS Offset Moving Frequency Index, homeowners in the South West and Wales are likely to move house between six and 10 times.
• Regionally, people in East Anglia are likely to move more than 10 times, the study indicated.
• However, homeowners in Greater London are most likely to stay put, with 50 per cent not moving once they have bought a property.
• 21 per cent of London homeowners have never moved house, the study revealed.
• This figure contrasts sharply with Wales and Yorkshire, areas in which 10 and 9 per cent respectively stick with their first homes.
• Respondents least likely to have moved were in the 45 to 84 year-old and 75 plus age brackets. In both cases, 15 per cent reported never having moved away from their first home.
• 14 per cent of homeowners in Scotland have moved four times, compared to the UK average of 6 per cent.
• 41 per cent of people living in the East Midlands moved twice, compared to the UK average of 24 per cent.
• Almost one-in-ten (9 per cent) of respondents to the RBS survey between the ages of 35-44 had moved more than 10 times.
• This figure was compared to a national average of 2 per cent.
• The age range of 35-44 years-old was described as the ‘most mobile,’ with 96 per cent of respondents reported to have moved house at least once.
• The research showed 88 per cent of respondents wanted to pay off their mortgage as soon as possible, with 22 per cent of 18-34 year-olds of the belief they will pay off their mortgage by the time they are 40.
• 44 per cent of mortgage holders described paying off their mortgage as the single biggest thing they could do to secure their security in later life, almost twice as important as building a pension or a savings nest egg.
• 72 per cent of homeowners admitted paying off their mortgage was the most important thing they have ever done to ensure their sense of contentment or security.
• While almost a third (31 per cent) of outright owners felt extremely financially secure, less than one-in-six of people currently paying off their mortgage felt financially secure to the same extent.
• RBS admitted the research suggested the trend towards outright home ownership was fuelled by an inherent craving for financial security.
• Commenting on the findings, Karen Snodgrass, head of RBS offset mortgages, said: “The stress of finding and purchasing a new home is more than enough for anyone, without the added concern of having to find a new mortgage lender and spend valuable time and money on renegotiating the mortgage for your new property.”
• The study revealed for each move homeowners would have to change mortgage, resulting in lost time and money, as well as an increase in the customer’s stress levels.
• The research was conducted by the Survey Shop among a representative UK sample during 2005.