According to the report from TwentyCi, the number of people wanting to ‘Move Soon’ has also increased, rising from 317,793 households in January 2022 to 365,873 in April 2022
Despite the enormous rise in the cost of living, the number of people expected to move house in the UK over the next three months has increased quarter-on-quarter by 72% from 191,538 households in January 2022 to 328,640 in April 2022.
According to the Q1 2022 Property & Homemovers Report from property and data insight specialist, TwentyCi, the number of people wanting to ‘Move Soon’ has also increased, rising from 317,793 households in January 2022 to 365,873 in April 2022.
This increase of 48,000 households roughly equates to the same number of households in the city of Exeter.
At the beginning of April 2022 there are over 1.45 million households progressing through the home move journey which, in addition to ‘Wanting to Move and Moving Soon’, also includes households that are ‘Moving Now, Just Moved or Settling In’.
This is an increase of nearly 300,000 households compared to January 2022.
The spending power associated with this massive volume of movers, estimated to be worth 3% of GDP, can bring huge revenue gains and strong ROI across multiple sectors and categories, particularly as the economy and retailers start to experience a slowdown in consumer expenditure due to the cost-of-living crisis.
Colin Bradshaw, TwentyCi’s Managing Director, commented: 2022 has not, as yet, brought a re-calibration of the residential property market. On the contrary, the owner-occupied sector appears to be removed from the woes that are besetting the wider economy and this despite households wrestling with the rise in the cost of borrowing, price inflation and the surge in fuel and energy charges.
Bradshaw said: It would appear that homeowners continue to be determined to take advantage of the rise in property prices that has occurred over the past two years, both trading up and down the property ladder. It is also the case that whilst interest rates have risen, the cost of borrowing is still at a historically low-level benefiting affordability, so will this trend end anytime soon?