Quarter of people in UK want to move home in 2014, survey finds

A quarter of people in the UK hope to move into a new property, either renting or buying, this year despite the fact that house prices are rising, new research shows.

This number increases 46.6% in the 18 to 24 year old age group, confirming that the number of first time buyers is rising.

The research from Ocean Finance also shows that in the 25 to 34 year old age group 37.9% plan to get a new place in the next 12 months. But only 13.1% of those aged 55 and over are planning a move this year.

In terms of location, in London 40.1% intend to move address at some point during 2014, despite rent and house prices being far higher in the capital than anywhere else in the country. Meanwhile, people in East Anglia appear the most content in their current homes, with just 17.8% considering upping sticks for a new property.

Wanting more space was the main motivation for people to move, with 25.3% of those hoping to do so revealing they will look for somewhere bigger. Only 9.4% are considering downsizing this year, and only 8% of respondents said they needed to find somewhere cheaper.

Many renters in the UK are also considering either taking their first step on the housing ladder or returning to it in 2014, as 7.7% of respondents said they would be looking to buy their own place. This figure rose to 11.2% of those aged between 25 and 34.

Work was the main driver for 12.5% of respondents, who revealed they would be moving for their job. However, double the number of women at 16.1% than men at 7.1% gave this as their reason for moving.

Lifestyle was also a major driver behind many people’s ambitions to get a new place, with 9.2% respondents admitting they wanted to move to a nicer area.

‘Whether they plan to rent or buy, our research shows a quarter of people plan to move house this year. Whether or not they actually succeed in doing so, the figures show that demand for property is likely to remain strong,’ said Ian Williams of Ocean Finance.