More than half of UK homeowners are currently stuck in a home that is not suitable for their needs, according to a new report from real estate site Zoopla. The shocking study of over 2,400 homeowners revealed that homeowners estimate they need a further £125,000 to afford a home that would truly suit all their needs. One of the main reasons for homes not being suitable for British homeowners came down to space.
Amongst those individuals, 26 percent said they loved their local pubs too much and 21 percent said they liked their local coffee shop too much.
Homeowners who eventually moved house were asked what prompted them to make the change.
A quarter said it was increased income that allowed them to move and one in five said it was having children.
Interestingly, consumer spokesperson at Zoopla, Tom Parker said they were “blown away” by how many UK homeowners live in homes that they don’t feel are suitable.
He added: “Whilst many highlighted practical reasons such as not being able to afford to move, emotional attachments played a strong role too.
“Whilst it’s understandable that many find it hard to move on from a home that contains a lot of memories or that their children were brought up in, it’s perhaps more surprising that many find it hard to move on because they like the local coffee shop, pub, or because a pet is buried in the garden.”
Mr Parker said those who think they can’t afford to move home could be in for a “nice surprise” when they get their home valued.
He said around half of homeowners undervalue their homes by £46,000 which means you could afford to move house if you got your property valued.
He said: “For those who think they can’t afford to move, or that the right home isn’t out there, I would encourage them to get the value of their home checked.
“Our data shows that around half of UK homeowners undervalue their home by an average of £46,000 – so many may be in for a nice surprise and find that they do indeed have enough equity in their home to consider a move to somewhere more suitable for their needs.”
“Homeowners keen to check up on their property’s value should head to Zoopla’s My Home, where they can see an estimated value range for their property and check for potential hidden equity.
“For those keen to progress with a sale, they can contact an estate agent using My Home to get an expert market valuation.”
Zoopla’s latest house price index also found that the housing market is on course for its busiest year since the global financial crisis.
The stamp duty land tax (SDLT) holiday, and homeowners’ desire for more space means more than 1.5 million homes are expected to change hands this year.