The good old days when moving house was a breeze! Now, it seems more like a Herculean task, thanks to skyrocketing costs and sluggish price growth. Connells' latest research confirms what many property professionals have suspected: moving house is no longer the go-to option for homeowners in England and Wales.
In 2023, only a mere 5% of sellers had owned their homes for less than three years, a record low compared to 15% in 2006. The trend of selling within five years has also taken a nosedive, halving over the past two decades. Why the reluctance to pack up and go? Well, the typical mover in England is shelling out £5,950 on stamp duty, with Londoners facing a jaw-dropping £23,000. Ouch!
Adding to the woes, weaker price growth means one in five sellers who owned their property for five years or less sold at a loss in 2026. In London, just 9% of 2026 sellers had bought within the last five years, with a staggering 21% of homes now worth less than their purchase price.
Aneisha Beveridge from Connells Group explains that high stamp duty, increased mortgage rates, and sluggish price growth are the culprits behind this trend. Homeowners are now making fewer incremental moves, opting for bigger, long-term decisions instead. This shift impacts not just housing transactions but also the wider economy, reducing the efficiency of housing stock use and stifling economic growth.
If homeowners were moving as frequently as they did in 2006, we'd see a whopping 439,000 more housing transactions annually. So, here's hoping for a market shake-up to bring back the moving mojo!
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