A Savills survey of around 1,100 prospective buyers and sellers has recorded a net balance of +24% planning to move within the next year, signalling a sharp turnaround from the same period last year when 23% more respondents planned to stay put rather than move.
The research suggests lifestyle and life-stage changes are supporting activity, despite continued market uncertainty. However, several factors continue to hold prospective movers back, with domestic political change the biggest concern, cited by 31% of respondents. A lack of suitable stock followed at 17%, while 15% pointed to possible future tax changes.
London leads moving intentions
London recorded the highest commitment to moving, with a net balance of +31%, compared with +24% across the regions. People looking to relocate recorded an even higher balance of +38%. However, second-home buyers remained more cautious, as did buyers considering properties worth £2m or more.
Frances McDonald, director of research at Savills, said: “While there remains a degree of uncertainty around the wider economy and housing market, there is still a strong undercurrent of demand, particularly among needs-based buyers whose decisions are driven by life stage and lifestyle priorities rather than wider market conditions.
“The increase in mortgage costs has caused some households to pause and consider their options more carefully, while the prospect of future policy changes in the lead up to the Autumn Budget is holding back movers in higher price bands. Greater clarity on tax direction in the coming months should provide the market with confidence to increase transactional activity.”
Agents face a stock challenge
For estate agents, the research highlights the continued importance of securing the right instructions. Despite relatively high stock levels, 17% identified a lack of suitable homes as a reason for delaying a move. More than a third – 34% – said greater choice in their preferred location would make them more likely to move.
McDonald added: “While the number of homes available for sale remains relatively high across much of the UK, a slowdown in new listings is beginning to limit buyer choice. As transactions have slowed, properties are taking longer to sell, leaving more stock on the market. However, quality stock is still moving quickly, with demand for turnkey homes in the right location remaining strong. As a result, buyers are often prepared to act decisively when the right property becomes available.”
Location also remains a major consideration, with 58% saying it was the factor they were least willing to compromise on. Proximity to family was the most important consideration for 40%.
The figures point to a clear challenge for agents: buyer appetite may be improving, but converting that demand into transactions depends on having the right homes available.
