According to the Birmingham Midshires, we British like to move house on average every four years. It would appear that the days of raising a family and retiring all under one roof are a thing of the past.
The people that were surveyed were those that were currently looking to move house, and the study found that only 7 per cent of people expected to stay in their new home for more than 25 years. Remarkably, 17 per cent expected to move within four years, however the most popular option was to stay put for between four and seven years. Surprisingly, the survey found that it is males that have indicated a preference to nest and remain in the home for a number of years.
Our view
Moving house is costly and people thinking of taking that next step should seek advice from a regulated adviser. We understand that wealth can be accumulated by ‘moving up’ but there are dangers if you over mortgage or over commit in addition to costs, fees and stress.
Useful links:
Learn more about this and related topics in the Property and Legal Channel
Request expert mortgage advice now
Purchase guidance on mortgage planning in the Money Shop