1 in 4 Homeowners Struggling to Move

22% of homeowners say that the cost of moving home is the biggest factor stopping them moving up the property ladder.

Not being able to find the 'right type' of property within budget is the biggest issue for 20% of homeowners unable to move.

For 19% of people, Stamp Duty Land Tax costs are putting them off stepping up the ladder.

A further 17% of these homeowners blame rising house prices for their inability to move home.

But it isn't just property market conditions that are holding people back, a massive 32% of people said that they would need a significant jump in income to help them with their next house purchase.

This figure climbs even higher with the younger generation, with more than half (57%) of 25 to 34-year-olds saying they need an income boost.

On top of the challenging times homeowners now find themselves in, there's a more practical issue at play, the house buying process, in general, is causing 42% of homeowners to stay put.

In light of the new and accumulating issues facing those who require something more from their home, many are turning to home improvements as an alternative to finding a new place.

Making home improvements can provide these homeowners with the added space they're looking for, among other benefits, without having to bear the cost or stress of moving.

This is becoming an increasingly popular strategy for homeowners, 59% of those who aren't looking to move say that they'll instead opt to make improvements to their current home.

source: http://www.lloydsbankinggroup.com/Media/Press-Releases/press-releases-2017/lloyds-bank/111217_LB_Homeowners/
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