Some 62 per cent of current home owners feel that moving house has become more difficult over the past 10 years - with many of them also saying the cost of the process is a deterrent to them selling up.
A survey by Lloyds Bank suggests that 22 per cent of home owners say that the cost of moving is the key blocker for buying their next home; high stamp duty and a lack of the ‘right type’ of homes are causing the number of people thinking of moving house to fall.
The bank’s report found that the inability to find the right property within budget (20 per cent), stamp duty costs (19 per cent) and increasing house prices (17 per cent) are all cited as issues that stand in the way of homeowners making that next move.
Bigger still, however, is the influence of the wider economy.
Some 32 per cent state that they would need a significant pay rise to help make the jump. This is even more pronounced for the younger generation; over half (57 per cent) of 25 to 34 year-olds say they need an income boost.
Aside from financial factors, the whole house moving process is also causing more people to hang on to their properties instead of selling.
Around 43 per cent of homeowners across the UK said that the process of finding a suitable home discouraged them from looking to move.
Alongside, dealing with estate agents (25 per cent) and being uprooted from their local community (27 per cent) were also blamed.
The biggest reasons motivating homeowners to move are to relocate to a better area (26 per cent) and to buy a bigger property (25 per cent). For families being close to good schools was the key driver (22 per cent) and for those aged over 55 years downsizing is the main motivator (44 per cent).
However, many people are opting to stay put and renovate rather than move.
Of the 40 per cent of homeowners not looking to move, three in five say that they’ll make improvements to their home instead.
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