Our survey of the UK property market reveals that over half of homeowners believe their homes are ‘unsuitable’. So why aren’t they selling?
Our recent survey of 2,400 homeowners reveals that more than half (51%) say their homes fail to meet their needs.
And the average Brits stays in these ‘unsuitable’ homes for a staggering 4.4 years after realising they’re no longer right for them.
The ongoing ‘search for space’ is one of the key reasons why people feel their homes no longer meet their requirements, with 40% of homeowners saying this applied to them.
Changes in what consumers need from a home post-lockdown continues to prove an important factor. Nearly a quarter (23%) say a lack of dedicated space to work from home is an issue for them.
Consequently, financial factors play a big part, with four in ten (39%) highlighting the inability to find something within budget as house prices continue to rise, as our latest House Price Index reports.
A quarter (26%) also said the cost of moving is a barrier for them.
When homeowners were asked what finally prompted them to take the plunge, a quarter (25%) pointed to an increased income that allowed them to move to somewhere more suitable, while one in five (19%) say having children made moving vital.
With 2021 set to be one of the busiest sales markets in more than a decade, we’re empowering would-be sellers in the UK housing market who think a move is out of their grasp.
Our chief commercial officer, Andy Marshall said:
“Over 50% of Britons are living in homes that don’t meet their needs, so there is a huge untapped opportunity for agents and the broader industry alike.”
We already know from the data from our Hidden Equity survey that around half of UK homeowners undervalue their home by an average of £46,000, so that’s why we’re encouraging homeowners to use our My Home tool for an instant market valuation.
And when they’re ready to find out what their home is really worth, we’re sending them to the people who understand the UK property market best – you.
This is all part of our plan to bring more vendors into the market, equipping you with the tools to grow your business.
Do you want some extra help making your agency more visible to potential sellers?
Book a free consultation with your account manager to reveal ways to boost your agency’s presence.