The major reason why people decide to sell their property and move is purchasing a larger house.

A survey conducted by the National Association of Estate Agents (NAEA) has shown the resumption of homeowners intending to move up the property ladder means that the housing decline is lessening.

The research had the aim of revealing the motivations behind people’s decision to sell their property and move. The target respondents of this survey, NAEA members from all over the country, were asked to name the main reasons for new property acquisitions in their branches.

78% of the respondents pinpointed that progressing from cheaper to more pricey property was the key motivation.

However, the NAEA said that while upscaling is popular in a floating housing market, a study carried out in February 2009 revealed a jump in ‘downsizing’ (moving down the property ladder) which indicated the depressed conditions.

A year ago the cost of four-bed detached houses decreased whereas the cost of two-bedroom flats increased.

It was the indication that homeowners could not afford large houses and had to move to smaller ones.

The new figures show that such a reverse trend is no longer on the rise and ‘upscaling’ is gaining more and more popularity.

Peter Bolton King from the NAEA commented that a rise in the number of people moving to a larger property was proof positive of a gradual recovery from the economic downturn.

Such a trend can be ascribed to increased mortgage availability which is great news for the property industry professionals who are keeping their fingers crossed.

Still, while the recent Stamp Duty pledge is beneficial for first-time buyers, some efforts should be made to help those moving for the second or third time to make this trend continuous.

Among other major drivers for moving house the respondents named divorce (58%), debt (41%), family death (39%) and getting a new job (27%).


Articles

The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.