Career moves drive property market - Mortgages - News | moneyfacts.co.uk

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Career moves drive property market

Career moves drive property market

Category: Mortgages
21/06/2018

The most popular reason for moving home this quarter was work, as 23% said they were looking to move closer to work or due to changing jobs, according to a survey from the AA. This is up from 17% who said the same in the first three months of the year, and shows that jobs are playing an increasingly important role.

Aside from work, money also plays a big part in property decisions, with 12% moving to live in a cheaper area and 7% downsizing to release some money from their home. The latter is especially popular among those aged 55 or over, with 28% of this group saying they'd like to do so, followed by 26% among this group who wanted to move to be closer to family and 19% who wanted to relocate to the countryside.

In contrast, younger people were more likely to move to make space for a growing family, with 24% of 25-34 year olds planning a move for this reason, while 14% in this group wanted to move to a nicer area. All in all, the results show that buying and selling homes is not about making a profit, with much more pressing concerns moving people to step away from their current home.

"Whilst decisions about when to move are not really about money, the realities of running a family home often are," commented David Searle, managing director of Financial Services at AA. "Our survey shows many people are concerned about how far their pay packet will stretch and being smart in making their disposable income go further. Remortgaging can be a clever way to help people restructure their finances and get a better mortgage rate."

So, whether you're looking to move home or simply decrease your monthly repayments, why not have a look at the mortgage charts?

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 Any products featured may be withdrawn by their provider or changed at any time.

Close