Homeowners 'willing to move every four years'It's a bid to climb futher up the property ladder

07 July 2007

 

More than a quarter of homeowners are willing to move house every four to seven years in a bid to climb further up the property ladder, a report today suggested.

Research from financial services firm Birmingham Midshires found that just 7 per cent of people expect to be living in their next property for more than 25 years.

Around 26 per cent of homebuyers intend to keep their house for between four to seven years, with a restless 17 per cent looking to stay put for less than four years.

Londoners are the most eager movers, with 28 per cent of homeowners in the capital planning on staying in their next house for less than three years.

This compares with just 13 per cent of people in the Midlands and 11 per cent of those in the North.

Itchy feet

Young adults have the itchiest feet when it comes to moving up the property ladder, with almost half intending to spend less than three years in the house they are currently looking to buy.

Tim Hague, managing director of Birmingham Midshires, said: 'The days when people would raise their children and retire all under the same roof are long gone.

'Many people now buy their first home long before they get married and will trade up several times as their circumstances change.'

Just under 2,500 UK adults were interviewed as part of the survey.

The Press Association, All Rights Reserved.