Move home or stay put?
Well over a million homes are bought and sold each year, but for most people a home is
somewhere to live in for many years at a stretch. Indeed thousands of homes are
inherited and remain within the family for generations.
When might a homeowner choose to remain in their current house and not be an active
participant in the housing market?
Social and economics reasons :-
· Settled family life, people often have a desire to build roots (social ties) in a local area
· Home might be close to good schools, excellent leisure facilities and transport
· House may already be large enough to meet changing needs and wants of the
· Plenty of scope for housing development / improvement of the existing property
· Uncertainty over the future path of house prices and future movements of interest
rates– buying a more expensive property is a financial risk
· The costs of moving home – including estate agents fees, removal expenses etc which
can run into several thousand pounds.
· General macroeconomic uncertainty – including the fear that people’s incomes may not
keep pace with mortgage repayments. Or that unemployment may rise in an economic
slowdown / recession