Mortgage News Men Take Control Of Finances When Moving House 1116

Men take control of finances when moving house

06 February 2008 / by Rachael Stiles
Men are more likely to take the financial helm than women when it comes to sorting out the finances involved with moving house, research from Halifax Estate Agents has found.

Of the men that are in a relationship, 48 per cent will typically take sole control of the financial issues which moving house entails, like taking care of the remortgage and conveyancing compared to the 34 per cent of women who handle them. Just 36 per cent of British adults share the responsibility.

There is a large disparity between the age groups when it comes to determining who will sort out the finances in preparation for moving house, with 50 per cent of those aged between 25 and 34 saying they would deal with the finances alone, compared to just a quarter of those aged between 16 to 24 who wanted the responsibility for themselves.

Northerners are the most likely to sort out their finances together, with 51 per cent making it a joint venture, while the highest number of financial loners resides in the East Midlands where just 24 per cent will consult each other.

When it comes to deciding where to move to, however, the survey reveals that both parties have equal say. A majority of adults in the UK who are living with a spouse or partner will involve them in the decision to relocate, with 65 per cent saying the decision would be mutual.

However, this shared responsibility when deciding when to move house becomes less frequent with the older demographic; younger generations are more likely to make a joint decision, with 72 per cent of 16 to 24 year olds doing it together, whereas just 58 per cent of those over the age of 50 will consult their partner.

Geographically speaking, those living in Wales are most likely to make the decision to move together – 77 per cent agreed that this was preferable to going it alone – while residents of Yorkshire and Humber are the least likely to confer – just 35 per cent would opt to share the decision.

Gordon Edwards, managing director at Halifax Estate Agents, commented: “Buying a house is the biggest purchase most of us are likely to make. If you are deciding to sell your home, purchase a new property or sorting the finances for a move, it’s important to involve your partner in the decision-making process.”

© Fair Investment Company Ltd

Written by Editorial Team