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Ash4781

Hometrack - Average 21 Years Between Moves?

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http://www.thisismoney.co.uk/money/mortgageshome/article-3091272/Homeowners-waiting-28-years-house-moves-housing-shortage-pushes-prices-up.html

An odd report from Hometrack that mentions inflation not inflating the value of debt so the period between house moves has been extended. Refer to a 'growing illiquidity of housing'. Link to follow.

Edited by Ash4781

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Less moves. Less business for removal firms, DIY shops, furniture and kitchen shops, and less commission for EA's....although the EA's seem to have adapted their model to now rely on Lettings a lot more for income, hence their joy at selling to BTL's rather than the public.

All in all, HPI slowly kills the real economy.

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Much less mobility to find work, and the end of the housing ladder. First buyers are now what? mid 30's? Maybe one step up in their 50's, if they still need the bigger house (kids moved out already, maybe).

Our situation is we may end up skipping the family home completely - our FTB could be a retirement cottage at this rate!

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In the 1980s, the average house changed hands every 10 years. Between 2003 and 2007, the average time between moves increased to 14 years.

As prices rise, the time between house moves across all UK cities has risen to 21 years, and in some cities, like Liverpool, to 28 years.

In the early 80s it was often reported in the newspapers to be about 7 years (possibly to encourage people who had been in their current place a long time and were content there to move - to give them a nudge). I'm sure in the noughties during that time a similar figure (7 years) was mentioned but it's the newspapers so anything seems to go.

Thisismoney is quoting ONS figures so they're bound to be accurate :rolleyes:

The curious thing is why they should now want to publish figures that suggest that the norm now is to stay in the same place for 20/25 years - perhaps it's the start of "homes are for living in not for investment" which is what they come up with during a house price collapse or at least during the early 90s house price collapse they did. That's probably false hope - something that most HPCers have had to endure a lot of over the years.

Edited by billybong

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Less moves. Less business for removal firms, DIY shops, furniture and kitchen shops, and less commission for EA's....although the EA's seem to have adapted their model to now rely on Lettings a lot more for income, hence their joy at selling to BTL's rather than the public.

All in all, HPI slowly kills the real economy.

This is true......there is no ladder, we are all renting in this life.

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http://www.thisismoney.co.uk/money/mortgageshome/article-3091272/Homeowners-waiting-28-years-house-moves-housing-shortage-pushes-prices-up.html

An odd report from Hometrack that mentions inflation not inflating the value of debt so the period between house moves has been extended. Refer to a 'growing illiquidity of housing'. Link to follow.

What do you expect stamp duty is still expensive.

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I think a lot of people are extending or having loft conversions - or both - rather than moving. Certainly true around here - more space for a lot less than the cost of a bigger house plus all the associated expenses. There is hardly a 2 or 3 bed around here that hasn't had an add-on somewhere if it's possible.

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What do you expect stamp duty is still expensive.

Stamp duty + legal fees + moving fees + huge extra mortgage to get to the next rung + total inability to qualify for required mortgage due to MMR.

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nice to have the job stability to be able to stay in one place for 20-25 years. Most folk I know are having to move around the UK like gypsies to get a wage.

Thats people who actually work and not self employed folk relying on HPI

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I think a lot of people are extending or having loft conversions - or both - rather than moving. Certainly true around here - more space for a lot less than the cost of a bigger house plus all the associated expenses. There is hardly a 2 or 3 bed around here that hasn't had an add-on somewhere if it's possible.

a house on a corner plot here by me was recently extended. The whole of side of the house was enlarged to be closer to the wall, by exactly 30cm. Obviously that is the maximum planning would allow. Took about 9 months. Madness...except when you consider the Joneses..as the whole street seems to be in constant contruction with loft conversions so they must have felt left out.

End result? its now almost impossible to drive this road with all the cars parked everywhere, random people just pulling out of drive because you really cant see what is coming, ..because we seem to now have multiple generations living in one house, 4 or 5 cars to a house.

all because the kids cant find a place of their own.

Well done chaps *slow clap*. this is progress.

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