The survey was sent to nearly 500 households across the United Kingdom and provided a keen insight into both the reasons behind the levels of demand for housing and the main barriers facing households looking to move.
By far the biggest driver of demand is the desire to move up the housing ladder, with those wanting to move up out-numbering those looking to trade down by 2 to 1.
This means there is a real shortage of properties available to meet this increasing demand, which is reflected in the fact that nearly 40% of the respondents in the survey cite the lack of suitable properties as a barrier to moving.
Lucian Cook Director Savills research says, "One of the key reasons behind the supply demand imbalance lies in the fact that downsizing is seen by most as something to consider in the next 10 years but rarely immediately".
The research suggests that the retention of three and four bedroom houses by those who have retired, or who are in the latter stages of their working life will, despite the projected growth in the number of single person and retired house holds not necessarily free up family accommodation.
“With new house building increasingly targeted towards flats additional pressure is put on the existing family housing stock, which in turn drives house price growth.”
Higher house prices have created affordability issues for all but the most well off buyers with price acting as constraint to moving at all income levels. For example just under 30% of survey respondents with a household income of between £50,000 and £80,000 put off moving house because of the high prices.
Financial constraints are compounded by the costs of moving, including professional fees and stamp duty, which according to the survey results act as a barrier to 1 in 3.
Cook says, “Because stamp duty is effectively linked to house price it too has outstripped inflation, a situation compounded by the fact that stamp duty thresholds have not kept pace with house price growth". themovechannel.com
