Borrowers have remained oblivious to the various predictions for the housing market this year and have again maintained a steady interest in moving property, according to the latest Movingimproving survey conducted by Alliance & Leicester.
While industry commentators have spent the last 12 months making conflicting predictions for the future of the housing market, the quarterly survey has consistently reported that 5% of borrowers intend to buy a new home over the coming year.
Paul Cooper, head of mortgages at Alliance & Leicester, said: ‘Despite contradictory messages from many commentators, demand for property is still strong. Over the last 12 months, the number of people intending to move has been stable and we have seen a continuation of the trend whereby people are buying for lifestyle, rather than financial reasons.’
While the figures have remained consistent for a year now they have dropped significantly from the high of 9% two years ago.
There has also been a shift in demographics, with those in their 30s now more likely to be buying property than those in their 20s, a reversal of this time last year.
The survey also found borrowers in London were the most likely to be planning a move, followed by those in the East Midlands and the North.
The Welsh are reportedly the least likely to move at 4%, down 11% in the year-on-year figures.