Gone are the days of staying in the same home until the children have flown the nest, as Britons are now moving house every four years in an attempt to climb the property ladder, according to new research from Birmingham Midshires.
The moving habits of potential house-buyers currently looking for a new property were analysed in Birmingham Midshires’ Not So Average Joe campaign, which revealed that 26% do not intend to stay in their home longer than four to seven years, and 17% will stay fewer than four years. Only seven per cent expected to still be living in their home for more than 25 years.
London harbours the highest level of rapid relocation, with 28% of those living in the capital staying in their house for fewer than three years. Midlanders are more settled at 13% and those in the North are even more content at 11%.
Young people are the most likely to up sticks, with almost half intending to stay in their current new home for less than three years, and 31% of first time buyers only planning on spending between one and three years in their first home.
Tim Hague, managing director of Birmingham Midshires, commented on the findings: “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.”
Learn how to compare mortgage deals