The main motivation for movement in today’s property market
Figures released today by Home Sale Network show that, over the past three months, the main motivation for buyers is upsizing to a larger property. Whereas for people selling their home, the majority were moving to downsize to a smaller property.
The survey, conducted by Home Sale Network reported that 40 per cent of buyers were moving to upsize, 28 per cent to downsize, 11 per cent were buying now to take advantage of price reductions and 10 per cent were buying as a result of relocation. Other reasons cited were investment buyers looking to snap up bargains, first time buyers getting on the property ladder and buyers who were moving because of retirement.
Richard Van de Velde at Heritage Estate Agents said: “In the current market it is vital to understand what type of buyer you are marketing your home to. If, for example, you have an extra bedroom currently in use as a study or home office, your estate agent is likely to advise you to dress it as a bedroom when you come to market the house. This will make your home more appealing to an upsizing buyer who will be able to immediately see the room as an extra bedroom rather than having to imagine it that way.”
For vendors selling their homes, the survey revealed the two main reasons for moving were upsizing, which accounted for 43 per cent and downsizing at 29 per cent. However, selling up to move into rental accommodation was cited as the reason behind 11 per cent of moves. Other reasons for selling were relocation and landlords selling buy-to-let properties.
Richard continued: “We understand the local property market and can advise vendors on the best way to market their home to potential buyers in the local area. In addition, as a member of Home Sale Network, we can receive referrals from other Network members in other parts of the country notifying us about buyers looking to move into the area. Equally, if you are looking to relocate out of the area we can refer you to the Network member in the location you are moving to, who can help you search for a new home.”