6% of homeowners set to move
The launch of its Home Moving Index, which will track the number of people looking to move home on a six monthly basis, has revealed that 6% of homeowners – some 1.026 million people – intend to move between now and April 2003. This would equate to up to £118 billion worth of property changing owners.
On a regional basis, the South West tops the league with 8% of homeowners intending to move over the next few months compared with only 4% in both the East Midlands and Wales.
Commenting on the survey, Lucy Hunter, mortgages product manager, Sainsbury’s Bank said: “Our research shows that despite some current speculation that the housing market is slowing down, there are still a large number of people planning to move home over the next few months. Young homeowners are the most active with 11% of those aged 25–34 are planning to move over the next few months. This falls down to 4% and 3% for those aged 45- 54 and 55 – 64 respectively.”
The Bank’s research reveals that the biggest worry homeowners have about moving is the stress involved – an issue highlighted by one in four people who own their own homes. The next big concern, cited by 11% of homeowners, is taking on a mortgage/larger mortgage. Not finding the house you want was highlighted by one in ten. However, despite the fact that it would cost around £21,000 to move from a home worth £300,000 to one valued at £500,000, only 8% said that they were concerned about the cost involved in moving home. The cost of moving from a property valued at £100,000 to £150,000 is around £4,000, according to Sainsbury’s.