Homeowners get urge to move house after 7 years

Wednesday, November 11th 2009

Property owners tend to want to move home after seven years in their existing house or flat, new research has indicated.

According to Co-operative Bank Mortgages, more than two-fifths of homeowners want to move so they can have more space for a growing family, while 20 per cent wish to live closer to work and 17 per cent are just bored of their existing property.

Women are more likely to think about moving sooner than men, while one-quarter of Britons have moved home only to want to switch to another new property straightaway.

Homeowners in Yorkshire and Humberside were found to be the happiest with where they live at present, while those in London are the least satisfied with their properties.

John Hughes, director of retail products for Co-operative Bank, said: "The research shows that there are a wide range of motivations behind moving house as people look to take account of both their changing family and financial situations throughout their lifetimes."

Earlier this month, the National Association of Estate Agents revealed that there are currently five house hunters for every property on the market at present.