Fear of stress is deterring potential home-movers – research
1.7 million homeowners are choosing to renovate their homes rather than trade up, says big insurer.
Millions of homeowners are choosing to improve their homes rather than move, according to new research from Churchill home insurance, with one in 15 homes in England and Wales (1,740,402 homes) now carrying official Improvement Indicators.
Improvement Indicators occur after substantial home improvements are made, such as loft conversions and extensions, explains Churchill’s Head of Churchill Home Insurance, Sarah Khan.
The research will make for uncomfortable reading for estate agents, as it reveals homeowners are being put off moving by the stress and the cost, and that’s despite substantial increases in building costs post-COVID.
Sheer stress of moving
The data shows that, for 40%, the ‘sheer stress’ of moving, including packing, dealing with property chains, and hosting viewings is a major deterrent. A strong emotional connection to their homes (32%) and a deep attachment to their community and neighbourhood (31%) also play significant roles in discouraging people from seeking new homes.
Financial factors such as removal costs (24%) and legal fees, including conveyancing (23%), come next. Churchill says that, together, those pressures often make staying put and improving a home a more appealing and less disruptive option than moving.
And, in 2023/24 alone (the last full year data available), 103,043 homes were added to the Valuation Office Agency’s register following significant improvement work.
Khan says: “Moving house can be one of life’s biggest decisions and upheavals, especially when your home holds years of memories.
When you factor in the stress, fees, moving expenses, and leaving a neighbourhood and community you love, it’s no wonder so many homeowners choose to improve, rather than move.”
“How many people have their children’s height as they grow marked on a doorframe, a cherished reminder they can’t pack with them? When you factor in the stress, fees, moving expenses, and leaving a neighbourhood and community you love, it’s no wonder so many homeowners choose to improve, rather than move.”
The data also makes it clear that if estate agents (and conveyancers) want to encourage more people to move home, they will have to find ways to make the process smoother and less costly.
Honestly I don’t blame people. The system in this country is diabolical and is completely shot to pieces. Solicitors are the problem let me be clear. There are some great ones out there but normally local independents ( just like estate agents in my opinion). However if there is just one large outfit in the chain then it doesn’t matter how many good ones there are. Average length to exchange is now 4 months with some taking 8-9 months!!!! We are finding that solicitors are even lying saying they don’t have signed contracts or depositors when they do have them! Or reporting to a lender about bamboo in a neighbouring garden that the lender after 3 weeks of waiting say they don’t care and bemused as to why a solicitor even raised it!
My brother agreed a sale and exchanged on it in 48 hours in Canada! Here in England though, the process is ridiculous. We have to find a way of locking in a chain much much sooner. Clients are having break downs as too are we as agents.
Something has to change and directors of large ‘call centre’ solicitor outfits have to stop their ridiculous processes and get quality staff in who can even communicate!!!