One in four hope to move

A quarter of UK adults hope to move into a new property this year, research from Ocean Finance has revealed.

The research found that more than a quarter (26.1%) of adults in the UK hope to move into a new property this year – whether renting or buying.

Ian Williams of Ocean Finance said: “Whether they plan to rent or buy, our research shows a quarter of people plan to move house this year.

“Whether or not they actually succeed in doing so, the figures show that demand for property is likely to remain strong.”

It rose to nearly half (46.6%) of 18 to 24 year olds; many of whom may be preparing to fly the nest and move into their own place for the first time this year.

Of the 25 to 34-year-old age group – which is arguably made up of the largest proportion of first-time buyers – more than a third (37.9%) plan to get a new place in the next 12 months However, little more than one in 10 (13.1%) over-55 year olds are considering a move.

In London, two-fifths (40.1%) of residents intend to move address at some point during 2014, despite rent and house prices being far higher in the capital than anywhere else in the country.

Wanting more space was the main motivation for people to move, with a quarter (25.3%) of those hoping to do so revealing they will look for somewhere bigger.

Fewer than one in 10 (9.4%) people are considering downsizing this year, and only 8% of respondents said they needed to find somewhere cheaper.

Many renters in the UK are also considering either taking their first step on the housing ladder or returning to it in 2014, as 7.7% of respondents said they would be looking to buy their own place. This figure rose to more than one in 10 (11.2%) of those aged between 25 and 34.

Work was the main driver for an eighth (12.5%) of respondents, who revealed they would be moving for their job.

Interestingly, double the number of women (16.1%) than men (7.1%) gave this as their reason for moving.

Lifestyle was also a major driver behind many people’s ambitions to get a new place, with nearly one in 10 (9.2%) respondents admitting they wanted to move to a ‘nicer area’.

Peter Lawrence at Lawrence Rand said: “The last few years have seen a build-up of demand which, with improving economic conditions and consumer confidence, is now translating into people taking the action to meet their aspirations.”