Home movers are getting younger, according to Halifax, and demand for detached homes remains high.
The age of those moving home in the UK is dropping at a surprising rate. The average age of a UK home mover has fallen to 39, a year younger than just 12 months ago and a staggering two years younger than in 2013, according to Halifax. The number of people moving to detached homes grew from 25% to 32% in ten years. This shift in age dynamic is thought to be largely due to several factors.
Firstly, some businesses are increasingly adopting permanent work-from-home policies, allowing younger homeowners more flexibility to choose homes that better fit their lifestyles.
Secondly, the younger generation of homebuyers has greater location flexibility, affording them the opportunity to purchase homes that may have otherwise been out of reach due to daily commutes.
Thirdly, some older movers are choosing to extend their homes rather than move or delay the sale of their current homes to maximize their equity before downsizing.
Regional home moving differences
In terms of regional differences, the average age of movers in London is the youngest at 38, while those in Northern Ireland are the oldest, averaging at 41.
Additionally, new analysis by Halifax reveals that the average price paid by people moving homes in the UK has risen by 10% compared to last year, now averaging £428,647.
The South East has seen the most significant rise in prices, with an average home mover in the region paying £591,247, a 12% increase on last year. In contrast, the North East has seen little change, with prices rising by just 1% to £255,223.
Detached properties are the most popular choice in the East Midlands and Northern Ireland.
Semi-detached homes were the movers’ choices in the North of England, while in London, flats were the most common property.
If you’re thinking of moving home and wondering how much you could afford to borrow, or you’d simply like to chat through your borrowing options, feel free to contact us for advice.