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Over 50% of people in Britain ay they are considering a house move but most can’t see themselves being in a position to do so in the next 12 months, according to new research The survey by home insurance company Gocompare also found that those hoping to move have been waiting 3.6 years on average and 21% are worried that they may never afford to buy a house or move. It is the costs associated with buying and moving home, together with high house prices, which are cited as the main barriers to moving. Overall, the biggest obstacles to the nation’s housing hopes are the cost of buying and moving with 16% concerned, followed by 16% concerned about high house prices in the area they want to buy and 15% worried about the cost of running a house. Also, 14% raised concerns about saving a deposit, 10% about job security or income and 9% said they perceive there is a lack of availability of the type of house they want to buy and this is putting them off. Of those considering a move or buying a house some 15% think that they are unlikely to get moving with their house plans within the next five years. Most, 77%, are aged 25 to 34 years. Just under a quarter, 24%, of this age group say that getting a deposit together is the main thing holding them back. The research shows that 28% of 18 to 24 year olds and 28% of 25 to 34 are the most worried that they will never be able to afford to buy a house or move. A quarter of 35 to 44 year olds also fear that they will never be able to buy or move home. Some 39% of 55 to 64 year olds and a quarter of those aged 65 or over are considering moving. In addition to the costs involved with buying and selling a house, a key factor preventing these people from moving is a lack of availability of the type of housing they want to buy. Of the regions, London has the most residents considering a house move at 62%, followed by the South East at 57% and the North West at 51%. People living in the North East have been waiting, thinking about, or wanting to move the longest, with an average waiting period of 4.3 years, closely followed by those living in the North West it is 4.2 years and in the South West it is four years. Londoners top the list of those who say they are likely to get moving in the next 12 months at 44%, followed by people living in Yorkshire and The Humber at 42% and Scotland at 40%. ‘Low interest rates and improved confidence in the economy are creating potentially ideal conditions for the housing market,’ said Ben Wilson from Gocompare. ‘However, our survey suggests the high costs associated with buying and moving home, together with the requirement to put down… Continue reading →
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