The 11-year itch: Homeowners waiting more than a decade before moving 

Homeowners are now living in their homes for longer before taking the next step on the property ladder, research claims.

Data from agency prospecting tool Spectre has revealed that the average time vendors have lived at their property when they list for sale has increased by more than a year and a half on average compared with the pre-pandemic market of 2019.

Homeowners have typically lived in their property for 11 years nowadays before deciding to sell, the figures suggest.

There are, of course, regional variations, with the time increasing to 12 years in London – up 16% on 2019.

Considering the rest of the UK, Scotland's average time at property for new listings sits at nine years and one month, up 13.8% on 2019, while Wales' figure is 11 years and six months, up 13.9%.

 

Heather Staff, co-founder at Spectre, said: "These findings should prove incredibly insightful for agents, to help them target their prospects more efficiently. 

"Focusing on brand awareness for homeowners in the lead up to their 11 years at property should produce a better conversion rate, making agents’ prospecting more cost-effective.”

"The findings shed light on home mover mentality too. 

“These homeowners have likely been considering their move for a while. They may be more apprehensive about the move, having been settled longer, and need more support and guidance through the process. 

“This should guide agents as to how they prospect and convert their leads, altering their tone and messaging so it is relevant to this group. If your agency’s tailored and considered marketing coincides with this pivotal time-frame for homeowners, you’re onto a winner.”