Work the top reason for house moves in the UK
Work is the primary reason for house moving in the UK according to a new report, seven times more likely than moving because of financial factors.
According to the research, conducted by AA Mortgages, 23% of house movers upped roots due to a change of job or to be nearer to work, up 6% on Q1 of the year, which also reflects a busy jobs market in the first months of the year.
The research, which quizzed over 2,000 people, uncovered that finding somewhere cheaper to live was the second top reason for moving (12%), followed by preparing for a family or disliking current neighbours and general neighbourhood (11%).
The top 10 reasons for moving home in Q2 2018:
On the results, managing director of financial services at the AA, David Searle said that despite the impression from TV shows that buying and selling property is predominantly about making a quick profit, the real reason people move is based on ‘jobs, children, family connections and quality of life’.
“Whilst decisions about when to move are not really about money, the realities of running a family home often are. Our survey shows many people are concerned about how far their pay packet will stretch and being smart in making their disposable income go further”.
Findings add extra reasoning to Manchester property market growth
The report also uncovered generational variations within the figures, in particular, the ratio of younger professionals who move for work reasons compared to family or monetary commitments
18-24 year-olds were the most likely to move home in pursuit of career advancement, as well as looking to find more value in the property market and cut costs. Meanwhile, those within the 25-34 age bracket were more likely to be searching for a new property due to needing more property space to support a growing family or simply wanting to move to a nicer area.
These findings marry well with the current property market boom in the Greater Manchester region, including and in particular the city centre, as the business market grows meaning more and more job opportunities.
The number of new jobs in the city centre increased by 84% between 1998-2015 according to data from Centre for Cities, whilst the population increased by nearly 150% over the same period.