It is important to be aware there are people looking to buy homes at this moment. There are many challenges for prospective buyers to consider, and overcome, but at Austin Property Services, we are here to assist you as best we can.
We have spoken with many local homeowners looking to sell, and with many buyers. We also stay in touch with the latest studies, so if you are looking for guidance in the current housing market, we can help.
Why are people moving home?
Yes Homebuyers conducted a survey which outlines the reasons why people are moving home:
Divorce or end of a relationship cited by 23% of respondents
Relocating for personal reasons said by 21% of respondents
A desire to have more space was said by 19% of respondents
11% of respondents said they were relocating for work reasons
While the end of a relationship has always been one of the main factors behind home moves, COVID-19 has likely caused this to increase.
Other reasons cited by movers:
11% of people said they were moving for financial reasons
6% of respondents said they were downsizing to a more manageable property
2% of people were moving after getting married
Relationship breakdown issues will always drive housing market activity
Divorce and relationship breakdowns are an everyday part of life, but it is not unreasonable to believe the pandemic has caused greater problems. With remote working, couples will spend virtually every waking hour of the day together, and this places pressure on many people.
Also, the pandemic has impacted many couples financially, which is a factor when it comes to a relationship status.
The same study also suggests searches for divorce guidance have increased by 25% due to COVID-19, and enquiries with divorce specialists have risen by 122%.
Other findings include:
57% of people say leaving their home was more upsetting than ending a relationship
Only 25% of movers have been forced to leave a property they would have preferred to stay in
Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “There are a number of key life events that cause us to move home and unfortunately, divorce is one of them. We’ve seen a number of reports around a spike in divorce proceedings and breakups due to the additional stress placed on relationships during lockdown. So it’s no surprise that it ranks as the driving factor for home moves at present with Covid causing restrictions in other areas of life such as marriage and relocating for work. For some, a breakup will mean a double whammy of leaving their partner and a home they love, but luckily the number of us forced to leave a property we would prefer to stay in remains rather low. However, it says a lot about us as a nation of bricks and mortar lovers when having to leave a home is more upsetting than leaving the person we shared it with.”