Press Release: Propensity to Move
For Immediate Release
10 February 2010
UNDER 30s ASPIRE TO HOME OWNERSHIP IN 2010
The property market is likely to be propped up by the under-30s this year according to the latest research from reallymoving.com, the UK’s leading provider of online quotes for home-moving services.
The reallymoving.com survey asked respondents if they were planning to move home this year. The research found that whilst just over a quarter (27.5%) of people in the UK are planning to move this year, this figure doubles (52.9%) for those aged under 30. These aspirations are in stark contract to recent figures suggesting the number of first-time buyers in the market is at an all time low.*
Table 1: Propensity to move in 2010 by age bracket
|
|
18-29 years
|
30-39 years
|
40-49 years
|
50-59 years
|
60+ years
|
OVERALL
|
|
Yes
|
52.9%
|
31.4%
|
15.7%
|
23.5%
|
10.5%
|
27.5%
|
|
No
|
47.1%
|
61.6%
|
84.3%
|
76.5%
|
89.5%
|
72.5%
|
The main reason for moving for the under 30s is to get onto the property ladder, with 57.1% claiming that they hope to buy their first property in 2010. Other reasons include moving to a bigger property (28.6%) and relocating for lifestyle choices such as proximity to bars and restaurants (14.3%).
“This research shows great tenacity from young people who have had their home ownership aspirations killed off in recent years by high prices and a severe shortage of lending.
“In order for the market to continue to prosper, new measures must be introduced by both lenders and the Government to help those at the lower end of the market make their longed for move. Initiatives such as abolishing stamp duty for first-time buyers and introducing Government backed low cost loans could both help the nation’s young reach their goal of owning a home.”
“In the fifty to sixty plus age bracket the majority of respondents cited downsizing and relocating for lifestyle as the primary reasons for moving. As pensions have decreased in value and the retirement age rises increasingly this age group will be forced to move to release their property assets.”
Table 2: Reason for moving by age bracket
|
|
18-29 years
|
30-39 years
|
40-49 years
|
50-59 years
|
60+ years
|
OVERALL
|
|
Bigger property
|
28.6%
|
42.9%
|
50%
|
14.3%
|
0%
|
33.3%
|
|
Downsizing
|
0%
|
0%
|
0%
|
42.9%
|
55.6%
|
7.1%
|
|
Joining property ladder / FTB
|
57.1%
|
28.6%
|
0%
|
0%
|
0%
|
28.6%
|
|
Relocating for work
|
0%
|
14.3%
|
16.7%
|
14.3%
|
0%
|
9.5%
|
|
Relocating for lifestyle
|
14.3%
|
14.3%
|
33.3%
|
28.6%
|
44.4%
|
21.4%
|
-Ends-
Notes to Editors
Based on a survey to a database of 6000 respondents carried out by reallymoving.com in January 2010.
*Halifax First Time Buyer Annual Review, 3 January 2010
reallymoving.com was launched in November 1999, and has become the UK's leading provider of free instant online quotes for home-moving services. The site provides instant quotes for a variety of services including domestic removals, surveys, conveyancing solicitors, Home Information Packs, Energy Performance Certificates and Scottish Home Reports and a choice between local and national service providers.
For further information please contact The Wriglesworth Consultancy, 020 7427 1400
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