Have you had to delay your moving plans? - Mortgages - News - Moneyfacts

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Have you had to delay your moving plans?

Have you had to delay your moving plans?

Category: Mortgages

Updated: 14/09/2016
First Published: 14/09/2016

Many people will take a few steps on the ladder before they find their "forever home", yet some may find they need to stay longer on certain rungs than they'd like. Indeed, a new survey from estate agency Tepilo shows that people stay in properties they don't like for an average of 14 months before moving on, while 14% have even stayed put for three years before making the move. But just what's delaying your moving plans?

The answer, perhaps unsurprisingly, often centres on the costs involved: not being able to afford the basic moving costs was the main reason for stalling, cited by 27% of respondents. This was followed by needing to save a big enough deposit to make the jump (25%), while an unlucky 13% had to stall because they couldn't sell their existing property.

Other factors play a part too, with 22% of respondents saying they couldn't face the upheaval of a move, 18% not wanting to leave friends, 14% saying the same about family and 15% saying that they had great neighbours.

As for why people wanted to move? Reasons can include anything from their last property being too small (29%) to not liking the area (20%) and having no parking (13%), yet 31% didn't want to move at all. In this case, things like a relationship breakup (23%) or relocation for work (22%) were the primary reasons for moving, despite it being something they personally didn't want to do.

Nonetheless, all that moving can pay off in the long run, with 75% of respondents saying that they're happy in their current home, showing that property happiness can be in your grasp. This shows that "making a move from a property you no longer like to somewhere you do is worth the time, effort and costs that come with buying a new home," said Tepilo's owner Sarah Beeny.

"Our homes really are our castles and a source of such happiness, so it really is worth taking the time and saving up the money you need to make a move."

Whatever your reasons for moving or indeed staying put, it's clear that finances have a part to play – and it's this which could be delaying people's initial plans to buy a home, too. We're regularly being told that the average age of buying a first home is creeping up, with many people disappointedly resigning themselves to the fact that they're never going to be a homeowner.

However, that's not putting everyone off. Additional figures from icount.co.uk show that 95% of respondents believe they'll eventually be able to own their own property, with 42% hoping to do so (or having already done so) between the ages of 25 and 30. Samuel Mond of icount said it was "fantastic to see a wealth of individuals still motivated and determined to invest in property and in their future, particularly amongst younger members of the population".

He reiterated the importance of having a decent credit rating in order to make the dream a reality, which in itself is intrinsically linked to finances and money management. So make sure you're on the ball!

Whether you want to fund a move or save up for that very first home, it's important to be prepared. Check out our guide on saving a deposit for a house or flat – which could be equally as useful to those looking to save up for the costs of moving further up the ladder – and make sure you've got the right savings account to suit. Then it all comes down to finding the right mortgage, and hopefully, you won't have to delay the move for much longer!

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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