Two-fifths (39%) of homeowners said that wildlife and nature were more important than ever for their wellbeing, while 45% were spending more time outside than pre-pandemic, according to research from Open Property Group.
The research surveyed 1.25 million homeowners, among whom 357,244 wanted to move, 251,705 stated were moving soon, 242,711 were settling in to a new home, 206,694 had just moved, and 187,001 were in the process of moving.
However, people moving to sparse or remote villages dropped by 28%.
From 2017 to 2023, the number of homeowners looking to move to remote or sparse settlements decreased by 13%.
Jason Harris-Cohen, managing director at Open Property Group, said: “The UK’s property market is undergoing another reset.
“There is a definite shift in home moving activity, with the West of the country surging in popularity.
“Historically, better value for money has been found outside of London, the South East and the big five cities, and I think that’s what is driving home movers towards Wales and the West coast.
“The desire for affordability in a cost of living crisis is being compounded by the current relationship between inflation, the Bank of England base rate and mortgage rates.
“The rates attached to new home loans, remortgages and additional finance are seriously squeezing buyers’ budgets but there is still a strong desire to move – people are just having to moderate where they look and what they buy.
“Semi-rural and rural locations will continue to be cheaper places to buy than urban and inner city areas.
“This will be especially so in the coming months as more people return to offices for work and potentially relocate to reduce commuting times – aspects that will cause metropolitan house prices to rebound.
“While the statistics show the trend for rural living has actually declined over the last six years – we may see a surge as purchasers pursue well priced properties.
“We’ll also see borrowers taking out mortgages over 30 years – or even enquire about interest-only mortgages – to negate the effects of higher repayment rates.
“Of course, there will be a large contingent of homeowners who are biding their time before they move – the 357,244 who have indicated they ‘want to move’.
“This group will be waiting for mortgage rates to fall and house prices to drop before they progress their plans.
“In the meantime, they may choose to improve their properties – enhancing their living environment for the present and adding value at the same time.
“It’s not unimaginable that these delayed movers will fuel a property peak in late 2024/early 2025.”
