"The stress and hassle of moving is not only a concern to potential movers, but also a ‘real world’ problem, with average conveyances currently taking between 3-4 months, on top of the time it takes to find a buyer and a property to buy"
- Owen Setter - Greenslade Taylor Hunt
In their new study, the property CGI experts at Modunite surveyed 1,000 homeowners to find their biggest concerns when considering a move, and also their biggest motivators for wanting to move out, rather than improve their current home.
Modunite found that 28.13% of homeowners see the stress and hassle of moving house as their biggest concern when considering buying a new property. This is most common for those over the age of 55 (30.62%), with 50% of this age group also citing that their biggest reason for wanting to move out would be to change location, rather than to downsize.
The high cost of moving (e.g., stamp duty and legal fees) was the second most common concern, with 26.15% of respondents citing this. 38.98% of those aged 16-24 are most concerned about the high costs, underlying recent data from the Building Societies Association which stated that becoming a first-time buyer is possibly the most expensive it has been over the last 70 years.
18.85% of homeowners said that their biggest concern is the difficulty in finding a suitable new home. Interestingly, this was the most common concern from homeowners in Bristol, with 28.81% citing this. This comes after recent reports revealed Bristol to be a property hotspot now rivalling London, due to its culture, job opportunities and green spaces, suggesting that the lack of suitable homes is due to increased interest in the area.
Michael Puddy, Managing Director for the property CGI experts at Modunite has revealed why developers should be thinking about up-and-coming locations for new build developments:
“Focusing on new builds in these up-and-coming locations can help meet the needs of a market eager for high-quality, affordable homes.
"By investing in locations like Bristol, developers can tap into a valuable opportunity to cater to homeowners who are looking for alternatives to London’s high costs and limited availability.
This strategy not only addresses immediate demand but also positions developments in line with the broader trend of urban decentralisation.”
Changing location or moving to a new neighbourhood is the most common reason that people are looking to move home, rather than improve their current property, with over four in 10 respondents citing this.
Although there has been a rise in the “forever homeowner” with the over 55s more likely to stay put than to move into a new home, if they were to move, changing neighbourhood is now more important to this age group than downsizing, with 39% now stating this.
Not only this but for those looking to improve their home rather than move - 55% said that the main reason for this would be because they love their current location. This underlines the need for developers to look into property hotspots when thinking about their new-build developments.
Seeking a newer or different style home is the second reason people are looking for a new property, with 35.67% of homeowners citing this. Interestingly, this is the most important factor for those in Scotland, with 52.94% of homeowners in Edinburgh stating this, and 58% of those in Glasgow saying the same.
Owen Setter, Head of New Homes at Greenslade Taylor Hunt has added his thoughts on the results:
“The stress and hassle of moving is not only a concern to potential movers, but also a ‘real world’ problem, with average conveyances currently taking between 3-4 months, on top of the time it takes to find a buyer and a property to buy. This time lag has caused chains to grow longer and unfortunate chain-breaks more common.
“The purchase of a new home at the end of a chain is often met by great relief amongst all those involved. With an increased offering of schemes to assist a move from developers, such as part exchange, buying a new-build home can remove weeks from the process and significant amounts of stress with it.
“On top of that, often new-build conveyance times can outstrip standard second-hand transactions with much of the legal work done by solicitors in bulk, in respect of all the available homes on a development, meaning much of the initial groundwork needing to be completed by lawyers may have already been done before a purchaser takes the steps to purchase a new home.”
