Lack of property stops 4 in 10 moving

A lack of suitable property is stopping four in ten households from moving, new research reveals.

A survey from Savills finds the biggest issue currently facing those wanting to move is the shortage of property.

The estate agent finds the number of people looking to move up the property ladder is double the number looking to downsize to a smaller, cheaper home.

"One of the key reasons behind the supply demand imbalance lies in the fact that downsizing is seen by most as something to consider in the next ten years but rarely immediately," commented Lucian Cook, director of Savills research.

"The research suggests that the retention of three and four bedroom houses by those who have retired, or are in the latter stages of their working life will, despite the projected growth in the number of single person and retired households not necessarily free up family accommodation.

"With new house building increasingly targeted towards flats additional pressure is put on the existing family housing stock, which in turn drives house price growth."

However, the survey finds the costs of moving, as well as high house prices are bigger factors for those with household incomes below £80,000, with professional fees and stamp duty proving to be the biggest barrier to moving for this group.

Mr Cook added: "Because stamp duty is effectively linked to house price it too has outstripped inflation, a situation compounded by the fact that stamp duty thresholds have not kept pace with house price growth."