Properties in London, the South East and South West of England sell more often than those in other regions of the country, according to new research.
A report from conveyancing services firm My Home Move shows that properties are held by the same owner for just 16 years in the South East and for 17 years in London and the South West. In contrast, homeowners in the North East keep their properties for the longest, with homes changing hands every 22 years on average.
Turnover
The investigation states that, ‘a higher rate of property, ‘turnover’ between owners is an indication of a healthy housing market. My Home Move’s chief executive officer Doug Crawford, noted, ‘homes in healthy property markets change hands often, as people move up the housing ladder or move to new areas for jobs or a change of lifestyle. Our research reveals that the stronger job market and higher incomes in the South mean that people buy and sell home more often than in the North.’[1]
‘Interestingly, it’s not just the South East that has a relatively healthy number of homes changing hands as the West Country is also thriving. Regional towns like Exeter, Bath and Bristol have vibrant housing markets and the region as a whole also benefits from people moving there from other parts of England for a slice of the good life,’ Crawford continued.[1]
Time lapse
In addition, the research found that the amount of time taken between house sales has dropped significantly over the past five years, down by 24% across England as a whole from once every 25 years to once every 19 years.
The largest change was recorded in the Yorkshire and Humberside region, which saw the average time between sales drop from once every 28 years to once every 19 years. This was followed by the East Midlands, where average time fell from 25 to 18 years.
Mr Crawford thinks that it is reassuring to see that homes are changing hands on a more common basis than 5 years ago. He feels that, ‘this has been a period of economic growth and the house market has been improving hand in hand with the economy. The combination of low inflation, reduced unemployment and improving wages means that people feel confident in their prospects and are more enthusiastic about moving to a new home.’[1]
‘At the same time, improving mortgage availability and low interest costs have made it easier for consumers to finance a home purchase. With interest rates set to stay low for longer, according to the latest Bank of England predictions, the next 12 months could see a further improvement in the housing market across the country,’ he concluded.[1]
[1] http://www.propertywire.com/news/europe/uk-home-sales-research-2015111611207.html