Analysis by conveyancing firm My Home Move has revealed that homes in the South East, South West and London change hands much more frequently than those in other parts of the UK.
In the South East properties are held by their owners for an average of just 16 years, while this rises by only one year in London and the South West. On the other hand, homeowners in the North East keep their homes for the longest period. Property there changes hands every 22 years on average, 36% longer than the turnover time between sales in the South East.
Generally, the reasons for a higher turnover of property are three-fold: people moving to a new area for work, people upsizing to accommodate a growing family and people downsizing when they no longer need the extra space.
“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,” said Doug Crawford, CEO of My Home Move.
“Our research reveals a striking regional trend moving from the south coast up the country, with homeowners in the South likely to move much more frequently than those in the North, who tend to stay put for longer.”
He added: “Interestingly, it’s not just the South East that has a relatively healthy number of homes changing hands: 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’.”
The research also showed that the amount of time between house sales has dipped radically over the last five years. It’s down by 24% across England as a whole, going from once every 25 years to an average of once every 19 years.
From a regional perspective, the greatest improvement was seen in Yorkshire and Humberside. Here, the time between sales dropped from once every 28 years to once every 19 years. The East Midlands also saw considerable improvement, from once every 25 years to once every 18 years.
“It is reassuring to see that homes are changing hands much more often than they were five years ago,” Doug Crawford continued. “This has been a period of economic growth and the house market has been improving hand-in-hand with the economy.”
“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.”