Home Movers Trending Index Quarter 1 2013
Welcome to our second Home Movers Trending Index which aims to show whether people are moving to rented property or a home they have bought. For the first three months of 2013 through our research data we noticed that the trend was pretty much the same as the last quarter of 2012; however the rise was slower in home ownership.
7.5% increase of those who are moving into a home they’ve purchased
For the first quarter of 2013 we saw an increase of 7.5% 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. Like the last quarter of 2012 the signs are encouraging; however the slight worry is that the rise has slowed down based on our own data.
Our research still shows that the trend of those looking to move out of their parents homes to either rent or buy continues. It is too early to say whether this is due to a continued resurgence in the housing market. Whilst our figures are positive it is notable there is not a great deal of change following on from last year. 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 during the remainder of 2013
Whilst it’s hard to predict how the rest of the year will fair we believe there may be a slightly modest increase in home buying activity. It is difficult to say how much of an increase we will see. The economy is still very stagnant. So this could have an impact on the employment opportunities for the rest of 2013. Also, as reported last year 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. However, the government is attempting to get the housing marketing moving with the likes of the Help to Buy scheme which started on 1st April 2013.
What’s your thoughts? Do you think the housing market will start to pick up for the remainder of this year? Please feel free to comment or get in touch.