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What Drives Moves In Housing Market Today?

Thu 04 Mar 2021

While many industry observers and experts believe there will be a drop off in housing market activity in 2021, there is still considerable movement from prospective buyers.

This shouldn’t be a surprise, as there are always reasons to move home. In Huddersfield, we speak with buyers and vendors, and even with the current challenges, life is going on.

We also stay in touch with the latest studies, and a recent study has shone light on some of the factors driving the housing market today.

Are you looking to move home soon?

Yes Homebuyers conducted a survey which outlines the reasons why people are moving home:

  • Divorce or end of a relationship cited by 23% of respondents

  • Relocating for personal reasons said by 21% of respondents

  • A desire to have more space was said by 19% of respondents

  • 11% of respondents said they were relocating for work reasons

Divorce and relationship breakdowns are an everyday part of life, but it is not unreasonable to believe the pandemic has caused greater problems. With remote working, couples will spend virtually every waking hour of the day together, and this places pressure on many people.

Also, the pandemic has impacted many couples financially, which is a factor when it comes to a relationship status.

The same study also suggests searches for divorce guidance have increased by 25% due to COVID-19, and enquiries with divorce specialists have risen by 122%.

The pandemic also remains a factor in property moves in 2021

While the end of a relationship has always been one of the main factors behind home moves, Covid has likely caused this to increase.

  • 11% of people said they were moving for financial reasons

  • 6% of respondents said they were downsizing to a more manageable property

  • 2% of people were moving after getting married

Other findings include:

57% of people say leaving their home was more upsetting than ending a relationship

Only 25% of movers have been forced to leave a property they would have preferred to stay in

Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “There are a number of key life events that cause us to move home and unfortunately, divorce is one of them. We’ve seen a number of reports around a spike in divorce proceedings and breakups due to the additional stress placed on relationships during lockdown. So it’s no surprise that it ranks as the driving factor for home moves at present with Covid causing restrictions in other areas of life such as marriage and relocating for work. For some, a breakup will mean a double whammy of leaving their partner and a home they love, but luckily the number of us forced to leave a property we would prefer to stay in remains rather low. However, it says a lot about us as a nation of bricks and mortar lovers when having to leave a home is more upsetting than leaving the person we shared it with.”

If you are selling your Huddersfield home, contact us today. You can book a valuation or just chat about how we make a difference in selling your home. Of all the estate agents Huddersfield vendors can call on, we like to think we make a difference in selling local homes, so contact ADM Residential today.


 

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