New research from Clydesdale & Yorkshire Banks has today (February 16, 2011) revealed that 30% of people in the UK are planning to move home in 2011 – more than three times the level at the height of the economic downturn.
While there is normally a gap between those planning a move and those who actually make the leap, the research reveals the biggest single increase since October 2008 when just 9% of people planned to move home.
Steve Reid, Retail Director for Clydesdale Bank, said: “It is greatly encouraging for the property market that more people are clearly keen to move but, of course, there is still natural caution in the market.
“It’s understandable that many people will have put off moving in the last couple of years so the potential demand is there – but the conditions will have to be right for the individual housebuyer to see that demand translate into a move.”
The research suggests that potential housebuyers are most optimistic in the South East where 40% say they are planning to move. In contrast only 22% of those surveyed in Scotland said they plan to move over the next 12 months.
Those planning to move in 2011 by region:
|East of England||34%|
|Yorkshire & Humberside||27%|
The research also revealed that people’s plans to move have led to a decline in home improvements. Only 17% of those surveyed plan to improve or extend their home compared to 54% in October 2008.
Many of those planning to move home are doing so out of necessity with more than a third citing a change in circumstances. More than a quarter (27%) said that the allure of a dream home bargain would make them move in 2011. A further 14% are relocating and 10% are expanding their family.
Top reasons for planning a house move in 2011:
|Change in circumstances||35%|
|Dream house bargain||27%|
Steve Reid, Retail Director for Clydesdale Bank, added: “Changing circumstance and the chance to land a dream house are clearly in the sights of a growing number of potential housebuyers but the price of a new property will have to be right.
“While this research must be balanced with the prevailing caution in the market, the findings are encouraging, particularly as we head towards Easter which traditionally sees an increase in house-buying activity.”
Clydesdale & Yorkshire Banks offer a range of mortgages. For more information please contact 0800 111 4147 (opening hours 9am – 5pm Mon-Fri) or visit www.cbonline.co.uk / www.ybonline.co.uk.