Just over one in 10 people plan to move home this year

Fewer people are planning to move home in the next 12 months, according to new research by Clydesdale and Yorkshire Banks.

Only 12 per cent of those surveyed in the banks’ house buyers research are planning to collect the keys to a new property in the next year. That’s a drop from 14 per cent at the start of 2015 and from 17 per cent 12 months ago.

Steve Fletcher, director, retail banking, said: “It’s an interesting time in the property market as our research indicates there will likely be a decrease in the number of homes being put up for sale.

“In some areas this is resulting in pent-up demand which is pushing up property prices which is clearly welcomed by sellers. However, for some people it is a deterrent as they are concerned about being able to find their dream property due to the limited selection of homes on the market.”

A further 44 per cent of those surveyed plan to stay in their current home while 22 per cent said they are intending to improve or extend their property. This is down from 24 per cent in January and 28 per cent a year ago.

Just 7 per cent plan to remortgage or make overpayments to reduce the size of their mortgage.

Londoners are the most focused on moving home with 19 per cent hoping to move in the next 12 months compared with only 5 per cent in the East.