Housing mobility barriers

Greater certainty over the home-moving process could bring more than 260,000 owner-occupied homes to the English housing market within less than a year, according to the Jackson-Stops Housing Mobility Report.

The report says uncertainty over transaction timelines is holding back potential sellers before their homes reach the open market. It suggests the figure could rise to around 700,000 homes over three years if the process became clearer and more predictable.

The findings follow the Government’s publication of a roadmap for reforming the home buying and selling process. The proposals aim to improve upfront information sharing, reduce delays and cut transaction times by around four weeks.

Nick Leeming, Chairman of Jackson-Stops, said the reforms were a positive step, but that implementation would be critical. He said buyers and sellers needed a process that was clearly understood and workable for agents, conveyancers, lenders and other professionals.

The report also highlights the impact of upfront costs. Among owner-occupiers whose moving plans had been delayed, postponed or abandoned, 42% cited economic uncertainty, 29% mortgage rates and 28% stamp duty. Jackson-Stops estimates that removing stamp duty costs could bring more than 300,000 homes to market within a year.

The report found that 8% of owner-occupiers in England are currently planning to move or are already in the process. The leading motivations were moving to a larger home and relocating for lifestyle reasons.

Jackson-Stops said improving mobility is not only about building new homes, but also helping existing homes circulate more freely.