9 April 2010

New research by the National Association of Estate Agents (NAEA) has shown that the desire to purchase a larger property is the now main motivation for choosing to sell property in the UK.

This indicates that the need for larger homes has returned and that the housing slump is beginning to ease. The study by the NAEA focused on the issues that caused homeowners to move house, with more than three quarters (78%) citing ‘upscaling’ as their main reason.

The NAEA commented that this is a healthy position for the housing market, as last year’s data had indicated that ‘downsizing’ was the main reason, as home owners were still feeling the full effects of the recession.

Peter Bolton King, chief executive of the NAEA, said: “The fact that there has been an increase in the number of people moving to a larger property suggests the UK is slowly emerging from the economic downturn. This may also be attributed to increased mortgage availability which is encouraging news for the property industry.”

The survey also found that divorce was a factor in 58% of vendors, debt 41%, a death in the family 39% and a new job accounted for 27%.

Source: Property News

 

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