More people are likely to move home in the UK because of a new job, especially younger home owners, than because they want to make money from their property, a new study reveals.
Some 23% say they are moving because of a change of job, the top reason given in the survey from the AA, up from 17% three months ago, followed by 12% wanting to move to a new area and 11% moving because they don’t like where they live.
It also found that 10% want to be closer to family, and the same number want to move to the country while 7% want to move to a smaller home. Some 4% say they are moving because of marriage or divorce and just 3% are doing it to make money.
But those looking to move are not necessarily going to spend more with the research finding that they are planning to spend 3% less on a new home than if they had moved at the start of the year.
The research also reveals differences depending on the age of home owners. Those age 18 to 24 are most likely to be planning a move to advance their career as well looking for a cheaper area to live while owners aged 25 to 34 are looking for more space for a growing family.
In contrast, older home owners aged 55 and over were most likely to want to downsize to release some capital, move to be closer to family and relocating to the countryside for a quieter pace of life.
‘Whilst decisions about when to move are not really about money, the realities of running a family home often are. 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,’ said David Searle, the AA’s managing director of financial services .