Britain’s homeowners are staying put longer – how do you compare to the average?

Homeowners are staying in their homes longer, typically just over a decade, new research reveals.

The trend is attributed to a number of factors, including the cost of living crisis and higher borrowing costs.

The analysis was conducted by home buying service Spring and real estate data platform PropAlt, which also suggested that adult children are staying home longer.

And he added that those downsizing are among those staying in their homes longer as they struggle to move due to stamp duty costs and a lack of suitable properties.

The findings were based on Land Registry data and revealed that people typically stayed in place for 121 months, or the equivalent of ten years, between 2019 and 2022.

This compares to an average of 110 months (or nine years) between 2015 and 2019, and 99 months (or 8.25 years) between 2011 and 2014.

The last three years of exclusive research for MailOnline Property and This is Money covers the pandemic when the property market was temporarily closed for a period during lockdown.

The average amount of time owners stay in a property is also affected by its size.

People stay in three-bedroom houses for 94 months, an average of 7.8 years, which increases to 102 months or 8.5 years for four-bedroom houses and 109 months or nine years for three-bedroom houses. five bedrooms.

This increases to 113 months, or 9.4 years, for six-bedroom homes.

It may not be surprising that people are living in large family homes for longer, but experts have warned that some people who downsize are left trapped by the high costs of moving.

This has led to calls (even since spring) for stamp duty to be reduced for downsizers, but no measure materialized in the Chancellor’s Budget this week.

North London estate agent Jeremy Leaf said: “This confirms much of what we are seeing on the ground: people living in houses often want to move and have good reasons to do so, but are deterred by a number of factors.”

‘It has a lot to do with economics and practicalities.

‘The pandemic paralyzed lives and accelerated trends that were already underway.

‘With the race for space, and particularly outdoor space, those with houses with gardens felt there was no real reason to move.

‘In addition, these homes gave older children entering work the opportunity to stay at home longer than they might otherwise have been.

‘The situation has evolved and, as more people return to work, once again those with larger homes are considering their options as lifestyle choices become easier.

“Moving home is certainly no cheaper than it was a few years ago because house prices have continued their inexorable rise, but we are certainly seeing much more flexibility in choosing accommodation and more willingness to consider a move now, so I would expect that “The landscape will gradually change in the coming years.”

He added: ‘The lack of help in successive budgets, especially for those who are downsizing, has not encouraged many to move, as has the lack of alternative accommodation options for those considering retirement or worried about health problems in the future .’

And Nick Sanderson, of retirement property firm Audley Group, said: ‘The focus shouldn’t just be on building more homes for first-time buyers. It’s about building the right types of homes.

‘The Government must examine how the property market as a whole works. Instead of continuing its narrow focus on first-time buyers and young families, it needs to look to increase the supply of age-specific housing.

“This would encourage older homeowners to move out of large family homes, freeing up supply and creating movement up and down the ladder. The benefits of this are numerous.

“Any new development should include provisions for age-specific housing.”

Spring and PropAlt’s research looked at how long people stay at home in England, Scotland and Wales. And some of PropAlt’s own research was used for the regional findings.

For example, homeowners living in a five-bedroom house in the City of London stay in their home for 129 months (or 10.75 years), slightly longer than the average for the country as a whole.

It is a similar story in Richmondshire, North Yorkshire, where the average period is 126 months or 10.5 years, and in Knowsley, Merseyside, 137 months or 11.4 years.

By contrast, owners of a four-bedroom property in the City of London stay in their home for a shorter period of time: 100 months or 8.3 years.

And yet, owners of a three-bedroom house in the City of London stay there for 119 months or 9.9 years, while two-bedroom owners stay there for 98 months or 8.1 years on average.

Homeowners living in a four-bedroom property in Richmondshire, North Yorkshire, stay in their home for 102 months or 8.5 years, while three-bedroom homeowners in the region stay in their home for 98 months or 8.1 years, while two-bedroom properties stay for 97 months or 8 years.

Meanwhile, in Knowsley, Merseyside, owners of a four-bedroom house stay for 108 months or nine years, falling to 98 months or 8.1 years for those who own a three-bedroom house. The average life of a two-bedroom home is 97 months or eight years).

Cormac Henderson, of Spring, said: ‘Uncertainty, rising borrowing costs and rising costs of living mean many people are staying in their homes for longer.

“Another factor to consider is that with housing so difficult to get onto the property ladder, adult children are staying home longer than ever, which could be holding back parents from downsizing their homes.”

‘We also know that many older residents feel trapped in their large family homes. We have previously called on the government to introduce an initiative to exempt land tax from stamp duty for people downsizing, and we still believe this initiative would accelerate the number of elderly homeowners considering downsizing. .’