Recently an online property portal beginning with ‘Z’…..carried out a nationwide survey among 2,400 homeowners. Surprisingly, it revealed that more than half of those asked do not feel that their current home works for them.
On average, the British homeowner manages to put up living in a home that doesn’t work for four years and four months!
All about space
It turns out that most home moves are motivated by a search for space. 40 per cent of homeowners cite needing more room as a reason for being unhappy at home.
Working from home during Covid
The impact of the pandemic and Covid restrictions on our ability to work has sparked a surge in people having and wanting to work from home (WFH). In this latest poll, 23 per cent of homeowners said that inadequate space for home working had become a problem and reason for wanting to move.
Rising property prices means bigger budget
Four out of 10 people (39%) surveyed said that rising house prices across the UK and especially in the south was making it far harder to find a more suitable spacious property within their budget. The overall expense of moving was a deterrent for a quarter of participants in the portal’s survey.
Taking the plunge to move
The key drivers leading to homeowners deciding to finally sell and move onwards and upwards are getting a pay rise with a quarter of those asked, saying having a larger salary makes a new home a reality. Whilst 19 per cent of the people surveyed explained that the arrival of children meant moving house was a priority.
Homeowners are underestimating the value of their home
The reality is that so many homeowners are undervaluing just how much their current homes are worth and underestimating the equity they have. It’s estimated that homeowners are imagining their property is worth *£46,000 less than the current market valuation by a local agent.
Property prices are strong and buyers even stronger. Finding out the realistic value of your current home could mean turning your property nightmare into a dream move, so it really is worth making a call and getting Homes to provide a valuation and market advice.
* Figure supplied from Hidden Equity survey.