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News: Were planning to move home more often

British people are moving home more often than ever before and are planning for a lifetime of regular relocation, according to new research from propertyfinder.com.

While the average over 65 year old has moved 5.7 times in their life, spending an average of 9.2 years in each of their homes, the average 41-45 year old has already moved 7 times, spending just four years in each residence.

The 18-25s are the most footloose, having moved more than 3 times since they left the parental home, spending two years on average in each home.

When asked how many more times in their lives they expected to move, those under 30 expected an average of 6 more home moves, taking their expected lifetime total to 10, almost twice as many as their grandparents. Those aged 41-45 expected to move another 4.5 times, taking their total to 11.5, and suggesting that the young may even be underestimating their likely moves.

 
Social change is the key determinant of this trend. When asked what prompted them to fly the parental nest, 88% of the over 65s did so in order to get married. This compares to less than 3% of the under 30s in the survey. 53% of the under 30s left home to go to university. A further 8% did so to set up home with friends, something that none of the over 65s did.

Warren Bright, chief executive officer of propertyfinder.com said: "People now marry and settle down much later than their grandparents and are far more likely to move around as a result." 

"This trend is due mostly to studies, changes in career patterns, the tendency of young people towards house-sharing and the likelihood of young people having serial relationships before settling down.  Middle aged people have also become much more mobile due to rising divorce rates, the need to release equity to fund retirement and downsizing."

The Treasury, buy-to-let landlords, and estate agents are key beneficiaries of this trend. Stamp duty on the average home purchase is £2000 but in London it is a staggering £9000. Five home moves in London would therefore bring £45,000 into Gordon Brown’s coffers.

The high level of house prices and the social changes affecting the way young people live (and keep changing homes) will continue to boost demand for rental accommodation.

The private rented sector is bridging the gap between the parental home and the first rung on the property ladder and fuelling the rise of the buy-to-let landlord.

Estate agents will profit in both cases, as they provide services to home buyers, sellers and renters alike.

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