One in four first-time buyers in better position to move home

Contrary to popular belief there are many first-time buyers (FTB) who are better prepared to move home than older homeowners, new research from Saga Legal Services reveals.

Saga’s second annual Britain on the Move Survey found that 42 per cent of people aged 18-34 see themselves in a better position to move and merely 8 per cent of those aged 60 and above said they are better off, which is the lowest proportion in any age group.

Surprisingly, more than a fifth (22 per cent) of people aged over 70 plan to move house again.

The survey, conducted among 3,002 UK adults in March 2015, shows that the most optimists about moving home live in London (22 per cent of respondents feel more positive about moving), while Manchester is home to the most pessimists (16 per cent of people feel more pessimistic).

Optimism

1. London 22%
2. Bristol 22%
3. Cardiff 20%
4. Edinburgh 19%
5. Glasgow 19%

Pessimism

1. Manchester 16% feel more pessimistic
2. Sheffield 12%
3. Liverpool 12%
4. Belfast /Newcastle/Norwich 10%
5. London/Bristol/Cardiff  9%

Emma Myers, head of wills, wrobate and lifetime planning for Saga Legal Services says:

“While it’s good to see that things are improving for the younger generations, people over 60 are less likely to feel they are In a better position to move, this is probably because many have retired and are therefore now on a fixed income. The issue of right-sizing is an important one that needs to be addressed, but is all too often ignored. From a legal point of view, it’s disheartening to see that the conveyancing process is seen as so frustrating and the fact is that it doesn’t have to be with the right support.”

Other key findings include:

The top ten most frustrating things about moving house:

1. The cost of moving 33%
2. The act of physically moving from one place to another    31%
3. The legal processes involved in selling or buying a house 31%
4. Dealing with estate agents 22%
5. The high cost of properties 21%
6. Stamp duty 19%
7. Finding buyers for our property 19%
8. Dealing with utility companies to end/start services in your name 15%
9. Gazumping 13%
10. The lack of suitable properties available 13%

The top five reasons people move to a smaller property

1. To live somewhere more manageable 45%
2. The house is too big now that the children have flown the nest 35%
3. To free up some money for something else 23%
4. I have a long term illness and it makes sense to move somewhere more accessible 14%
5. To move to be closer to family 12%