Half of Brits would trade their current home for a bigger one if they were given the chance, according to research by UK self-build conservatory supplier ConservatoryLand. So, why are so many Brits apparently dissatisfied with the size of their current house? And why would they move to a bigger home given the chance? We have the answers.
[top_pitch]
Would Brits move to a bigger home if given the chance?
For many Brits, the answer is an overwhelming yes.
In ConservatoryLand’s survey that involved 2,000 Brits, 50% of those polled said they would move to a larger home given the opportunity. In comparison, only slightly less than 30% said they would not.
Interestingly, 10% said they would downsize, demonstrating that not everyone needs more space to be comfortable.
Why do Brits want to move to a bigger home?
The research shows that Brits want to move to a bigger home for a myriad of reasons. Number one on the list is limited storage. Nearly 20% of Brits chose this as their main reason for wanting to move. This is an indication that clutter may be a real issue in many people’s homes, according to ConservatoryLand.
Here are the top 10 reasons why Brits need more space in their homes and why more than half of them would move given the chance:
- Limited storage: 19.65%
- Lack of garden space: 16.6%
- Spare room for guests: 16.05
- Hosting family and friends: 13.95%
- Office space for working from home: 13.95%
- To add value to my property: 12.6%
- Falling ‘on top’ of each other: 10.9%
- Children growing up: 10.8%
- Home gym: 8.7%
- Playroom for kids: 8.7%
The pandemic has forced many to re-evaluate what they want from their home. It is therefore not a surprise that more space, bigger gardens, and better work from home options are near the top of many people’s wish lists.
[middle_pitch]
What does this mean for the housing market?
The desire to move home for more space is one of the factors driving the high demand in the current housing market. But this demand is currently outstripping supply. In fact, recent data from RightMove shows that there is currently a 225,000 shortfall in the number of homes for sale in the UK.
The ultimate result of this supply and demand imbalance is that house prices are skyrocketing. Figures from the ONS show that house prices were up 10% in the year to May 2021, the highest annual price growth in almost 14 years.
So, in a nutshell, Brits who want to move to a larger home may not only have a difficult time finding one, but they may also have to pay a significantly higher price for it.
Of course, this situation is not likely to last forever. Experts predict that the market will eventually balance itself out. As for when this could happen though, we’ll have to wait and see.
Takeaway
There’s no doubt that recent global events have driven many of us to re-evaluate our housing needs.
If you’re looking to move home, the best thing you can do in the short term is to focus on saving money. That way, when the market is more settled and the right opportunity comes along, you’ll be ready to pounce on it.
