A new study reveals that 31% of people planning to move haven’t contacted an estate agent, indicating a large untapped market. Research by LRG shows that many homeowners consider moving for years before reaching out to agents.
The findings suggest estate agents could be missing out on potential sellers by not engaging earlier in the decision-making process. 40% of respondents thought about moving for at least a year before contacting an agent, with 22% waiting over two years.
Life Events Drive Moves More Than Financial Factors
Personal reasons, such as finding the right property or changes in family circumstances, are the primary triggers for moving. 73% of respondents cited personal reasons, compared to just 16% who mentioned financial factors like mortgage rates.
Kevin Shaw, national sales managing director at LRG, notes that while financial factors may influence the timing of a move, personal events often initiate the decision. He emphasizes that transaction figures alone can be a lagging indicator of market trends.
Long-Term Owners Take Longer to Decide
Homeowners who have lived in their properties for over 20 years tend to take longer to decide to move. 34% of these long-term owners spent more than two years considering a move, compared to just 9% of those who moved within the past two to five years.
The English Housing Survey supports this, showing that 39% of households headed by someone aged 65 or over have lived in the same home for at least 30 years.
The actual moving process is also lengthening. Rightmove reports that the average move in Great Britain now takes 216 days from listing to completion.
Barriers to Moving
The overall cost of moving is the most significant barrier, cited by 54% of respondents. Difficulty finding the right property is another major concern, mentioned by 37%.
Cost is an even bigger issue for specific groups. 71% of families looking to upsize and 67% of respondents under 45 identified it as a barrier.
Long-term homeowners face different challenges. 28% of those in their homes for over 20 years cited the stress of moving, compared to 14% of more recent movers. Attachment to their current home was also a factor for 15% of long-term owners, versus 5% of recent movers.
Stress and Emotional Factors Affect Long-Term Owners More
Long-term homeowners, those in their homes for over 20 years, are more likely to cite the stress of moving as a barrier. 28% mentioned this, compared to 14% of recent movers.
