Over half (51%) of Brits are considering buying their first home or moving house according to new research released today. But, high property values in the area they want to move to together with the associated home-buying costs, mean that many (61%) are unlikely to move in the next 12 months.
The research by Gocompare.com mortgages, found that those considering buying or moving home have been thinking of doing so for an average of 3.2 years. High property prices in the area they want to buy (22%), getting enough money together for a deposit (18%) and the associated costs of buying a property and moving (11%) were cited as the biggest obstacles to their plans. Other barriers to moving home include a lack of availability of the type of property in the area they wish to live (11%), job or income insecurity (10%) and the ongoing costs of running a home including mortgage repayments, utility bills and council tax.
The survey found that while high property prices are a key obstacle for all would-be home movers, other difficulties varied considerably with age. For example, 45-54 year olds cite a poor credit history or credit score (14%) and job/income insecurity among their top three barriers to buying or moving home. For those in the 55-64 and 65+ age brackets, the main obstacle they face is a lack of availability of the type of housing they wish to move to in the area they want to live in.