More than one in 10 home owners in the UK have tried to move house but decided against it due to stamp duty or mortgage issues, new research has found.
Overall 11%, equivalent to around 1.2 million home owners gave up plans to move house in the past three years due to financial issues including mortgages, the research from the Nottingham Building Society found.
Some 8% felt the cost of stamp duty was too much while 3%, or 327,000 people, were turned down for mortgages. Younger home movers, hose aged between 18 and 44, were most likely to be put off by the cost of stamp duty and around 14% who had given up buying blamed stamp duty.
But a lack of suitable homes to buy is the biggest moving block, the research also found.
Around 25% of home owners questioned said they had looked but could not find a suitable house.
However around 30% of home owners said they cannot currently afford to move home so are concentrating on improving their house and around one in five say they cannot find a better house to move to.
‘The mortgage market is generally performing well with growth in remortgaging and for loans to first time buyers with strong competition from lenders. There are a wide range of deals and advice available for all types of borrowers but the home moving market is still not expanding which points to wider issues than simply mortgages or stamp duty as the blocks in the market,’ said Ian Gibbons, senior mortgage broking manager at Nottingham Mortgage Services.
‘Home movers clearly are also struggling to find suitable homes to move to which turns the spotlight on improving their existing homes rather than moving. The key to remortgaging successfully is to search the market for the most appropriate deal and to get advice on options particularly for older borrowers who may need to extend their loan into retirement,’ he added.
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