Countrywide has today released the results of its research undertaken with YouGov to highlight the affordability issues that are faced by potential home-movers. The research covered over 6,000 UK adults and included private rental tenants, home-owners with mortgages, owner-occupiers, home-owners with shared equity stakes, and those living rent-free.
When asked about reasons for not moving home, only 62% stated that they were happy where they currently live. 21% were unable to afford a deposit, and 16% were unable to pay mortgage repayments. Moving costs and fees including stamp duty was a concern for 16%. 12% cited job insecurity as a barrier to moving. Only 5% of those questioned were stopped from moving because they though prices would fall.
When looking specifically at those aged between 18 and 35, less than half (46%) claim that they are happy where they live. 45% of those in this age group state that being able to afford a deposit is a barrier to moving. 31% cited mortgage repayments as a reason for not moving.
Perhaps unsurprisingly those aged 18 — 35 were more worried about employment prospects as youth unemployment rates soar. 18% cited job insecurity as a barrier to moving home. This is a third more than the general population.
Aspirations for home ownership are still high. Only a third (32%) of private rental tenants stated that happiness at their current property is the reason for not moving. Over half of those renting properties cited deposit affordability as an obstacle to moving (56%).
Grenville Turner, Chief Executive of Countrywide comments:
“These findings confirm that we are at a crossroad for home-ownership, where we could see the next generation becoming a nation of renters without the right intervention from Government.
“Based on current levels of activity, the average home-owner moves house once every 25 years as opposed to once every 12 years. These levels are unsustainable and we call for further support as a strong, vibrant housing market contributes to GDP growth and will dramatically improve the economy.”
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