Fewer discretionary movers 'prompt slowdown'
As the credit crunch continues, there are fewer discretionary movers, which is partly to blame for the housing market slowdown, one sector commentator has suggested.
Richard Donnell, director of Hometrack, said discretionary movers are people who have no real reason to climb further up the property ladder but who have done so because there was credit available to them.
Their main motivation for moving was simply to enjoy a larger and nicer home and Britons had the confidence to take this course of action prior to the recession, he added.
"The reason we have seen this big drop off in turnover [of people moving house] - or one of the reasons - is because half of all moves each year are not actually out of necessity," he added.
Britons living and working in London may feel they have no reason to buy a home there while prices continue to be high against a shortage of supply and may instead prefer to look for flats to rent in Islington or elsewhere in the capital to use as their permanent base.
Abbey Mortgages recently revealed that in the last two years, 102,000 homeowners moved house to downsize.
Written by Andy Britten
Published 22nd December, 2009
© 2009 Estates IT Limited
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