Zoopla says just over half of current home owners say they are stuck in a property that’s unsuitable for their needs - and it would cost an average of £125,000 for them to find the right alternative.
The portal’s survey of 2,400 people shows that 40 per cent of existing owners want more space, and 25 per cent are in an area they don’t like. An absence of dedicated working-from-home space is a problem for 23 per cent.
Zoopla - which is heavily promoting its new My Home tool - says these factors mean UK homeowners are having to stay in their home for an average of 4.4 years after realising it is no longer suited to them or their family’s needs. This is the amount of time, on average, between homeowners deciding their home is no longer right for them and actually moving into their new property.
Andy Marshall, the portal’s chief commercial officer, says: “We all know the market is going great guns, but to ensure that success continues, we need to empower those who think a move is out of their grasp.
“With over 50 per cent of Britons living in homes that don’t meet their needs, there is a huge untapped opportunity for agents and the broader industry alike.
“With our data showing that around half of UK homeowners undervalue their home by an average of £46,000, we’re encouraging homeowners to contact an agent directly for an expert market valuation and personalised guidance.”
The survey also reveals that for some owners, less tangible reasons are stopping them moving.
Some 27 per cent in the survey said that they have an emotional attachment to their home, whilst 55 per cent of parents said that their children have an attachment to it.
Meanwhile, 21 per cent say they like their neighbours too much to move and eight per cent even say they could not move because they have pets buried in the garden.
When asked what finally prompted them to move, a quarter pointed to an increased income that allowed them to move to somewhere more suitable, whilst one in five stated that having children made moving vital.