More than half of UK homeowners ‘live in houses that do not meet their needs’ – Property Industry Eye

A new survey by Zoopla shows that just over half – 51% – of UK homeowners currently live in a house that is not suitable for their needs.

These homeowners estimate that they would need an additional £ 125,000 on top of the value of their existing home to buy a truly suitable property, according to the study of 2,400 people.

The need for more space is the main reason homes are not suitable, highlighted by 40% of homeowners who said this applied to them. Meanwhile, a quarter pointed out that they’re stuck in an area they don’t want to live in.

Changes in the needs of people at home after the lockdown appear to be another big factor, with nearly a quarter – 23% – saying the lack of dedicated space to work from home is a problem.

Of those who say they are currently in unsuitable accommodation, 39% cited the inability to find suitable accommodation within their budget as the main factor preventing them from moving. Some 26% said the cost of the move was a barrier.

These factors mean UK homeowners have to stay in their home for an average of 4.4 years after realizing that it is no longer suitable for them or their family’s needs. This is the time, on average, between homeowners who decide their home is no longer suitable for them and who actually move into their new property.

For some, others, more intangible, prevent them from making the trip.

Some 27% of homeowners surveyed said they had an emotional attachment to their home, while 55% of parents said their children were attached to it.

Among those who report having an emotional attachment to their home that prevents them from moving, 13% of parents say it is because it would bother their children too much and 36% say they could not bear to leave the home they are in. had raised their children.

Andy marshall

Meanwhile, 21% say they like their neighbors too much to move and 8% even say they couldn’t move because they have animals buried in the garden.

Andy Marshall, Commercial Director of Zoopla, said: “We all know the market works very well, but to ensure that success continues we need to empower those who think a movement is beyond their reach. With over 50% of Brits living in homes that do not meet their needs, there is a huge untapped opportunity for agents and the industry in general.

‘With our data showing that around half of UK homeowners underestimate their home by £ 46,000 on average, we encourage homeowners to contact an agent directly for an expert market assessment and personalized advice via the tool. My Home easy to use. This, in turn, should lead to highly sought after reviews for our agent clients.

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About Natalee Broderick

Natalee Broderick

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