Pricey property means we now wait 23 years to move

THE average homeowner now moves every 23 years compared to every eight in the 1980s, a study shows.

As high prices force people to stay in their homes for longer rather than upsize, a typical property now takes almost a quarter of a century to change hands. Steep prices also mean people buy their first property later in life and therefore own fewer homes in their lifetime.

The Intermediary Mortgage Lenders Association, which carried out the study, claimed insufficient house- building leaves many families unable to find a suitable home when they want to move on, leading them to extend their current home instead.

This blocks up the market for other would- be buyers and threatens to create a ‘permanent social divide’ between those who own their own home and those consigned to renting for life.

Hefty stamp duty fees have also left families unable to move after successive governments failed to increase stamp duty thresholds, trapping growing numbers as house prices soared, with the much-hated ‘slab’ structure, – where buyers pay tax at a single rate on the entire property price – also deemed unfair.

Peter Williams of the Intermediary Mortgage Lenders Association said: ‘These figures paint a picture of a housing market where turnover has drastically slowed in the last 30 years.’

He added that low housing turnover would ‘continue for the foreseeable future’.

The association also blamed a ‘baby boomer hoarding effect’, claiming middle-aged homeowners are increasingly staying put rather than down- sizing, tying up a large part of housing stock.