Over a third of households plan to move as lockdown lifts

lockdown lifts

26 per cent of people were influenced by greater opportunities to work remotely, and the same proportion envisaged moving for work

New research has found that 31 per cent of households plan to move home as lockdown lifts.

The survey, which polled 2,000 UK households in April, showed cultural and economic changes resulting from pandemic-induced lockdowns have driven a desire to move house. Some 26 per cent of people were influenced by greater opportunities to work remotely, and the same proportion envisaged moving for work.

By comparison, figures from the Office for National Statistics (ONS) show four to five per cent of people move home on average each year.

We’re seeing a paradigm shift in how this country wants to live and work. Hybrid working options and lifestyle changes are two key elements driving this change in behaviour, said Greg Malouf, chief executive at developer Romal Capital, which commissioned the survey.

The 16 per cent price hike in Liverpool alone underlines this very bullish market. The temporary Stamp Duty holiday and desire to cash in on significant property price increases in 2021 have also empowered decision making, he said.

A further 29 per cent of households cited standard of living as their main reason for moving.

Some 23 per cent indicated that road networks and connectivity were important criteria. Meanwhile, 10 per cent wanted areas likely to increase in value, and locations near to hospitals were important to nine per cent.

Those age 25 to 34 were the most highly motivated to move, at 32 per cent, compared to 28 per cent among the over 60s.

The survey ranked the “top X-factor,” in a new place to live. The number one factor was waterfront living, whether seaside, lakeside or by canals, followed by big green spaces and a good community feel.

The top factor was community feel for 35 to 44 year olds, at 51 per cent, while for the over 60s, it was waterfront living, at 61 per cent.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Getting Money Wise. The information provided on Getting Money Wise is intended for informational purposes only. Getting Money Wise is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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