While the number of property moves at the end of 2020 will lead you to think not many moves will take place this year, you might be surprised.
There are always reasons to move home, and if you need assistance in the housing market, Coakley & Theaker is here to assist you as best we can. We speak with local buyers and vendors, so we know what is happening in the local area.
We also stay in touch with national research.
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
While the end of a relationship has always been one of the main factors behind home moves, the impact of the pandemic has affected many households:
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
The pandemic has impacted many couples financially, which is a factor when it comes to a relationship status. Also, the stress of remote working and spending time cooped up at home will inevitably affect some relationships.
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%.
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.”
At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.