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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 :- Social Factors · 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 infrastructure · House may already be large enough to meet changing needs and wants of the home-owner · Plenty of scope for housing development / improvement of the existing property Economic Factors · 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 |