Study Reveals Britons Staying in Homes for Over a Decade Amid Cost of Living Crisis

Discover the latest findings from a study by Spring and PropAlt on the increasing trend of homeowners in Britain staying in their homes for longer periods, influenced by various factors such as the cost of living crisis and higher borrowing costs.

A recent study conducted by home buying service Spring and property data platform PropAlt has revealed that homeowners in Britain are staying in their homes for longer periods, with the average length of stay now just over a decade. This trend is believed to be influenced by various factors, including the current cost of living crisis and higher borrowing costs. The analysis, based on Land Registry data, also pointed out that grown-up children are staying at home for longer, while downsizers are finding it difficult to move due to stamp duty costs and a lack of suitable properties.

Between 2019 and 2022, the average time homeowners spent in their properties was 121 months, equivalent to ten years. This marks an increase from the previous averages of 110 months (nine years) between 2015 and 2019, and 99 months (8.25 years) between 2011 and 2014. The study also found that the size of the property plays a role in how long homeowners stay, with those in larger homes staying for longer periods.

Experts have raised concerns about downsizers being trapped in their current homes due to the high costs associated with moving. The research covered various regions across England, Scotland, and Wales, with findings showing that homeowners in certain areas are staying in their properties for even longer periods than the national average.

For instance, homeowners in a five-bedroom house in the City of London are staying for 129 months (10.75 years), while those in Richmondshire in North Yorkshire are staying for 126 months (10.5 years) on average. In contrast, homeowners with a four-bedroom property in the City of London have a shorter average stay of 100 months (8.3 years). The study also revealed differences in average stay times based on the number of bedrooms in a property.

Overall, the research highlights the changing dynamics of homeownership in the UK, with individuals opting to stay in their homes for longer periods. This trend is influenced by a combination of economic factors and personal circumstances, ultimately shaping the housing market landscape.

The study sheds light on the evolving patterns of homeownership in Britain, emphasizing the impact of economic conditions and housing market dynamics on individuals' decisions to stay in their properties for extended periods.