A demand for bigger homes fuels the property market
The ability to purchase a larger property is the main motivation for selling up, according to the latest survey by the National Association of Estate Agents (NAEA).
The study looked at the issues that prompt homeowners to move and more than three quarters (78%) cited ‘upscaling’.
This trend differs from last year’s NAEA data, when the report pointed to an increase in downsizing, as a direct result of the recession. This suggests that sellers were no longer able to afford spacious properties and were forced into moving to a smaller property.
The new figures suggest that trend has now ended and ‘upscaling’ is once again the prime driving force of the housing market. Other factors include divorce - 58%, debt - 41%, family death - 39% and a new job - 27%.
Peter Bolton King, chief executive: ‘“This increase in the number of people moving to a larger property suggests the UK is slowly emerging from the economic downturn and may also be attributed to increased mortgage availability.”
“While the recent stamp duty pledge announced in the Budget is great for first-time buyers, more needs to be done to assist those moving for the second or third time, to ensure this upward trend continues.”
