A new research from AA Mortgages found that one in eight Brits (13%) is looking to move into a new home in the next 12 months, having an average budget of £322,000. The South East region is the most popular place people want to move in, while the East Midlands is the region most people want to leave. At the same time, people in Scotland and the North West are the most likely to move within the same region.
The study also found that almost a quarter of the population (24%) is planning to move house in the next two years. In addition, more people are planning to buy (46%) than to rent (42%) their next home, while 24% of those currently renting say their next move will involve them buying a home.
According to the research, the region people are most likely to be moving to is the South East with 14%, followed by South West with 12% and North West with 12% as other top locations to move to. The region that people are least likely to move to was the North East (2%). People in North West (74%) and Scotland (71%) are most like to be moving house within the region, which is good news for these regions in terms of house prices and for employers in retaining a skilled workforce.
To find out the average budget, AA researchers asked people who planned to move into a new house what their budget was. Across the UK, the average budget for movers was £322,829, which ranged from £410,840 for those from London to the lowest £201,269 for people from Scotland. Furthermore, the budget for renters planning to buy was £286,000 compared to £367,000 for homeowners that were looking to move.
“For many years, commentary on the property market has been dominated by supply dynamics, where and when houses are coming on the market and how much houses are selling for. Whilst perfectly valid, we have been keen to better understand the demand factors, to see things through the eyes of those planning to move house and to understand more fully their reasons for moving, the extent to which they are fulfilling new ambitions with a move and their own sense of financial mastery over the decisions they are making. It is the people – not the bricks – that make a house a home, and the first findings from our new tracking study suggest as long as people are getting married, changing jobs, having babies – and wanting more for their family – then people will always be moving house,” commented David Searle, Director of AA Financial Services.
