Singles driving house market
06 May 2004
Single Brits are driving the UK housing market, with 17 per cent planning to buy a property within the next two years, according to a new survey.
Alliance & Leicester's latest movingimproving index found that the number of single Britons intending to move within the next two years has increased by 13 per cent since January this year.
The building society claims that "The Bridget Jones Generation" is more likely to move than married couples (12 per cent) and widowed, divorced and separated people (seven per cent).
The survey showed that overall demand remains stable, with 12 per cent of people saying they plan to move in the next two years. Of those planning to move - just under half (five per cent) - are planning to do so in the next 12 months.
Paul Cooper, Head of Mortgages at Alliance & Leicester, commented: "The fact that single people look set to play a big part in the property market over the next two years reflects the times we live in. Despite contradictory messages from many commentators, it is encouraging to see that demand for property is still strong."
The survey found that, as in previous quarters, men are more likely to buy a home in the near future than women (13 per cent compared to 11 per cent) and Londoners are most likely to be planning a move (17 per cent), up one per cent on the same time last year.
Top reasons for moving included the need for more bedrooms (19 per cent) and the fact that buying is cheaper than renting (18 per cent).