Most Brits happy to remain in current home, Aviva survey reveals
Increasing numbers of homeowners are viewing their properties as an "emotional investment" as the economic downturn changes attitudes to moving house.
The majority of homeowners with buy to let and fixed rate mortgages are happy to remain in their existing home because of economic uncertainty.This is according to a new poll by Aviva, which revealed that this was the case among almost three-quarters (74 per cent) of property owners.
A further 68 per cent viewed their home as an "emotional investment quot; and a place to seek relaxation and calm, as opposed to a means of making money further down the line.
The results suggest an end to Brits' desire to climb up the property ladder, which has long been a feature of the UK's housing market.
Dr Paul Keedwell, an expert in environmental psychology at Cardiff University, helped to conduct the study.
He said that a "surprisingly large" number of people around Britain were placing greater emotional importance to their homes.
"This is probably because of, rather than in spite of, the economic downturn, which has made many of us change from being house hoppers to house stoppers," he explained.
Dr Keedwell went on to say that, because of this shift in attitude, many people with mortgages would be prepared to buy back their homes for more than the market value.
The survey revealed that, in the event of losing an existing home, 71 per cent said they would try to buy it back, while 16 per cent were prepared to pay over the odds for the same property.
This has effectively ended the 'hopper' culture of climbing up the property ladder, which now applies to only 26 per cent of homeowners.
Before the recession, this figure stood at 80 per cent.
The National Association of Estate Agents revealed today (November 6th) that there five househunters for each available property in the UK.
Written by Kevin Shield
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