Friday 19 January 2018

Quarter of young homeowners plan to move within a year

Couple argue about money especially house expenses.
Couple argue about money especially house expenses. Newsedesk

A quarter of homeowners in the 25-40 age group plan to move from their house or apartment in the next year.

A key reason is the desire for more living space. Seven per cent in this age group have recently traded up to a larger property.

The new survey of young adults reveals that more than half of respondents would like more spacious living accommodation, particularly if they are coping with the demands of a growing family.

This was particularly the case with female respondents - and 3pc of this group want to be closer to their own family members.

A desire to live in a more desirable location was a priority for one in four intending to move.

Only one in 10 wanted to invest in a higher-value property for the future and only 2pc of homeowners said that noisy or annoying neighbours were the reason for a possible move.

The research, conducted on behalf of KBC Bank, showed that achieving better-value savings over the life of a mortgage was the most important consideration when it comes to taking out a home loan.

Female homeowners are particularly conscious of this fact. Of less importance were cash incentives or a discounted rate in the first year of a mortgage.

The average budget those on the look out for a new home is just under €210,000. Six in 10 of those surveyed plan to spend less than €200,000, with one in four forecasting between €200,000 and €300,000.

Irish Independent

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