Homeowners believe stress is as big an obstacle to moving as house prices, according to research from the HomeOwners Allowance.
In the poll of 2,000 UK adults, house prices outpacing wage growth and the stress of a moving process ‘in dire need of reform’ came out joint top of reasons to stay put, with both at 35%.
Moving costs were the third most common reason, cited by 28%, followed by a lack of suitable housing (27%) and stamp duty (24%).
‘Stamp duty is acting as a handbrake on the housing market, said Paula Higgins, CEO of HomeOwners Alliance. ‘When a family faces a £10,000 stamp duty bill just to move to a £400,000 home – before they’ve even paid for surveys, legal fees, and removal costs – it’s no wonder a quarter of potential movers are staying put’.
Higgins added:
“Our research reveals a housing market in crisis – not because people don’t want to move, but because they simply can’t afford to… we’re seeing families trapped in unsuitable homes, unable to upsize for growing children or downsize as they age.
“While house prices are difficult to control, the government does have levers it can pull and we hope to see this reflected in the Spending Review and the long-awaited housing strategy.
“We also need the right mix of homes. Older homeowners need step-free properties, growing families need larger homes, and everyone needs options they can actually afford. The government needs to look at the existing housing stock and build homes that better suit their needs.
“Finally, although it may not grab headlines, making the home buying and selling process less of a Russian roulette game and more certain and streamlined would give people the confidence to move.”
