Home Movers Index Quarter 4 – 2012
We have been developing the MovingSoon.co.uk Home Movers Index to get a better understanding of movements in the housing market. For the last three months of 2012 through our research data we noticed that there was an increase in our number of users who had bought their own home.
12% increase of those who are moving into a home they’ve purchased
For the last quarter of 2012 we saw an increase of 12% of those who are moving into a home they have bought. These were people who had previously either been renting or living at home with their parents. These are encouraging signs and tie in with the recent reports about the number of mortgage approvals rising for a fifth month in a row.
Our research also suggests that there is now a notable trend of those looking to move out of their parents homes to either rent or buy. So these figures as well as the rising mortgage approvals seem to point towards a healthier marketplace when it comes to buying your own home. Our research highlights more people moving into a home they had purchased compared to those who were moving into rented accommodation as shown in the chart below.
Outlook for the housing market in 2013
Whilst it’s hard to predict how 2013 will fair we believe there will be a steady increase in home buying activity. It is difficult to say how much of an increase we will see as a number of factors including the state of the economy as well as the employment market and job opportunities. A lot will also depend on the availability of competitive mortgage deals as well as a relaxing on the amount of money being required for a housing deposit.
What’s your thoughts? Do you think the housing market will start to pick up this year? Please feel free to comment.