Nice to move or need to move?
Home moves can be triggered by dreams and desires as much as necessity – as proven by the post-Covid trend for lifestyle change. The ‘Work From Home’ (or more commonly known as WFH) lifestyle during the pandemic meant that people saw space as a necessity rather than proximity to their work place
However, almost a third of moves were ‘needs-based’ according to a survey of 10,400 home movers by the Property Academy in summer 2022, prompted by a growing family, job relocation, divorce, ill health or bereavement.
Needs-based buyers will present sales opportunities, while discretionary buyers, including many first-time buyers and some investors, may wait for improvement in mortgage lending conditions. This is proven by the fact that properties are still being bought by owner occupiers, even though mortgage rates have risen. People still need a place to call ‘home’ no matter the economic climate.
The October RICS survey indicates a downward trend in buyer enquiries and sales, with national house price growth halting. Prime markets where cash buyers are active could see inflation in house prices.
Source: Dataloft, Property Academy Home Moving Trends Survey 2022, RICS
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