Eighty-seven per cent of those planning to move house over the next 12 months are more motivated by personal than financial reasons, according to new figures from Alliance & Leicester.
While only five per cent think a fall in house prices would prompt them to move, 21 per cent of people believe that finding their dream home is the top reason to buy.
25 per cent of people in their 30s want to move house to get more space for their families, while just six per cent of those questioned said a drop in interest rates (allowing them to borrow more on a mortgage) would be a spur to moving house.
"These findings show that despite rising interest rates and regular commentary on how the housing market is faring, people still look to personal factors - from needing more space to finding their dream house - to dictate whether they move house or stay put," Paul Cooper, head of mortgages at Alliance & Leicester, commented..
But he noted that while people moving for their own reasons is to be commended, some economic factors are worth taking note of.
"While the Bank of England's announcements may seem miles away from our own personal housing plans, changes in interest rates can have a real effect on our mortgage payments and what we can afford. It is advisable for homeowners to monitor such changes as they will play a large role in dictating their budget," he commented.
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