More than half of home owners stuck in ‘unsuitable’ properties, survey finds

More than half (51%) of home owners are stuck in a property that does not meet their needs, a survey has found.

These people are typically staying in their home for four and-a-half years after they have realised it is no longer suitable.

On average, they estimate they would require a further £125,000 on top of the value of their current home to get a suitable property, according to Zoopla.

The need for more space was one of the main reasons people said their home was not suitable, the property website’s survey of more than 2,400 home owners in May found.

Some were living in an area where they did not want to live and some needed space to work from home.

Nearly four in 10 (39%) stuck in an unsuitable home said they cannot find somewhere else right for them within their budget.

Despite the current stamp duty holiday in England and Northern Ireland, a quarter (26%) said the cost of moving is a barrier.

More than a quarter (27%) said emotional ties were keeping them in their home.

More than half (55%) of parents said their children were emotionally attached to their home, with some not wanting to upset their children by moving.

Meanwhile, 21% say they like their neighbours too much to move and 8% would not move because they have pets buried in the garden.

More than a quarter (26%) love their local pubs too much to move, while 21% like their local coffee shop too much to live elsewhere.

Tom Parker, consumer spokesperson at Zoopla said: “Whilst it’s understandable that many find it hard to move on from a home that contains a lot of memories or that their children were brought up in, it’s perhaps more surprising that many find it hard to move on because they like the local coffee shop, pub, or because a pet is buried in the garden.

“For those who think they can’t afford to move, or that the right home isn’t out there, I would encourage them to get the value of their home checked.

“Our data shows that around half of UK home owners undervalue their home by an average of £46,000.”