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Why do we move home?

Why do we move home?

Category: Mortgages
Author: Leanne Macardle
Date: 27/01/2017

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Whether you find moving home exciting, stressful or a combination of the above, it's a regular occurrence for many people up and down the country. But why do we do it? Online estate agent eMoov.co.uk has taken a look, and it seems that family factors are by far the biggest influence.

When asked "what was the reason behind your last house move?", the most common reason by far was due to having children, with 33% of those surveyed saying they moved home because of an impending bundle of joy. Marriage was the second-most common reason for moving home (21%), while the next biggest factor – and not such a happy one – was divorce, which fuelled 11% to move home.

Then there was inheritance (7%), upsizing (6%), work (5%) and retirement (3%), while a further 3% moved because of nuisance neighbours, and 2% were lucky enough to take that first step on the housing ladder. Other reasons included moving in with a partner (2%) or breaking up with one (1%), followed by gaining independence from parents (1%), crime rates (1%) and downsizing (1%), while 2% even moved for witness protection reasons, perhaps the most unexpected answer on the list.

"We are, and always have been, a nation of aspirational homeowners and there are almost identical ties between the cycle of both homeownership and family life itself," said CEO of eMoov.co.uk Russell Quirk. "We lay roots in order to build a family, which in turn leads to upsizing to accommodate them, before downsizing once they fly the nest and finally helping them get their own piece of the UK property market dream.

"Although other external factors like neighbours and in this case, witness protection, will play a hand in where and when we buy, nothing will surpass the influence of internal family factors such as having children and getting married.

"It's these events that fuel the cogs of the UK property market and keep things ticking over indefinitely, making property a solid investment whether it be for financial gain or family reasons."

What next?

Whatever your reason for moving home, you'll probably need a mortgage to fund things. Check out the top rates to make your move as cost-effective as possible.

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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