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Transactions Trauma - Brits now move house every 19 years

New data from Barclays Mortgages suggests Britons are now likely to stay in their homes for almost 19 years between house moves - a far cry from the seven years which was the average before the global financial crisis. 

Data drawn up by Barclays and property data consultancy Hometrack says that the average person in the UK stays put for 18.7 years and instead improve their home in the interim. 

The figures show that those in Wales are the least likely to move, with the average homeowner staying put for nearly 23 years. However, those in Scotland are the quickest movers, upping sticks after an average of almost 15 years.

The key driver behind the collapse in transactions is money: some 28 per cent of those surveyed say they want to move but can’t afford to, so tackle DIY instead.

The report also found that social media is having an increasingly large impact on people’s approach to updating their property – particularly in the younger age groups. 

For example, four in 10 people aged 23 to 34 say they have been inspired to improve by what they have seen on social media, while 15 per cent admitted to improving a room specifically to post on their social channels. 

Some 79 per cent of homeowners have made home improvements in the past two years, and 73 per cent want to make improvements in the next 12 months.

TV property expert Phil Spencer, official spokesperson of the Barclays Mortgages Home Improvement Report, comments: “There has long been an appetite for home improvements in the UK and with so many of us now staying in our properties for such a long time, it is clear that our homes are so much more than just bricks and mortar – they are a space for us to relax and enjoy times with our loved ones, so it is important to make them fit for purpose.

“It is also really interesting to see how social media is impacting on our attitude to home improvements. It’s clear that the likes of Instagram and Pinterest are really inspiring particularly the younger generation and I’m sure this is partly contributing to the changing interior tastes. I would encourage anyone looking to update their home to take inspiration where they can, but always think about the long-term – ask yourself how something will look in three, five or 10 years before committing your time and money.”

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