Seven-year itch 'exists in property market too'

Posted: 12 Nov 2009 10:08:08 GMT

People who own a property first consider moving after seven years on average, it has been suggested.

According to new research from the Co-operative Bank, consumers' main reason for wanting to move house is to find a bigger residence to cater for a growing family.

The desire to live closer to work is the top reason for moving home for 20 per cent of respondents to the survey, while 17 per cent cite being bored of their existing property as a reason to find a new one.

John Hughes, director of retail products for the Co-operative Bank, said property is such an important part of people's lives.

"It is important that people do plan ahead, especially with regards to their finances, to make sure they make the right choices and alleviate many of the pressures associated with the moving process," he added.

The National Association of Estate Agents recently published research showing that there were five house hunters for every property available in October.


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