Brits move home every four years

The World Cup, leap year, The Olympics and now moving home. New research reveals that Britons are so keen on climbing the property ladder that many are upping sticks as frequently as every four years, according to Birmingham Midshires.

As part of its ‘Not So Average Joe’ campaign, the mortgage provider looked into the house moving habits of people currently looking to buy a home. The research revealed that, while just 7 per cent of people expected to be living in their next property for over 25 years, the majority (26%) intend to keep their house for between four and seven years, while a restless 17 per cent will stay less than four years.

Those living in the capital will move home most often, with 28 per cent of Londoners planning on staying in their next house for under three years, compared to just 13 per cent of more settled Midlanders and 11 per cent of those in the North.

Perhaps unsurprisingly the young have the itchiest feet when it comes to moving home; almost one in two (46%) intend to spend less than three years in the home they are currently intending to buy.

With the average house price now standing at £196,893, according to the latest Halifax UK House Price Index, many are predicting a slowing in the housing market. Tim Hague, managing director of Birmingham Midshires commented on the findings: “The days when people would raise their children and retire all under the same roof are long gone. Many people now buy their first home long before they get married and will trade up several times as their circumstances change. While there is money to be made in investing in property, moving can be a costly business and we would advise anyone thinking of taking the next step on the property ladder to consult a regulated mortgage intermediary to ensure they are making the most of their money.”

Key Findings:

Eager to settle down, more than twice as many men than women intend to stay in their next home for more than 25 years (10% and 4% respectively).

While the London property market is the most fast moving with one in four people only planning to stay in their next property for between one and three years, the capital also has the highest proportion of people who want to grow old in their next pad (14% plan on staying over 25 years).

Far from wanting to settle down, 37 per cent of over 55s plan to move at least twice over the next ten years.

An uncalculating 27 per cent of people have not planned how long they will stay in their next property.

Almost a third (31%) of first time buyers only plan to spend between one and three years in their first home.