Research suggests that there is a clear link between the age or life stage and moving plans. In the UK, the younger generation (18-24 year olds) are most likely to be planning a move to advance their career as well looking for a cheaper area to live (14%). Here on the Island, this is less of a priority for buyers and/or those that choose to rent. Most people, whatever their age or wherever they are in their careers, tend to buy where they feel a connection to, perhaps where they grew up, perhaps a home close to parents and family support, or simply somewhere they love to wake up to every morning.
Some of you may be planning a move because you need more space for your growing family as well as relocating to a different area, or moving up the ladder when you’re able to. House prices on the Island have come down some 15%-20% on average since the top of the market which has made many homes more affordable across the market. This correction has led to more of us buying and selling with the younger generation (aged 24-30 years) now looking for their first homes. We’ve seen a significant amount of demand at the lower level with two and three bedroom modern homes selling for the asking price or, in some cases, more. There are buyers waiting for houses in this price range with our most recent sale taking 3 hours to sell at full asking price!
In contrast, older homeowners are most likely to be downsizing to release some capital or are moving to be closer to family. In the UK a number tend to move to the countryside for a quieter pace of life but we’ve got ‘lifestyle’ all wrapped up here on our beautiful Island!
From a legacy of endless daytime TV shows, one can get the impression that buying and selling homes is just about making a quick profit on a property transaction. Lets be frank; the reasons why and when people move are based on jobs, children, family connections and quality of life. A house is, after all, a home. So if you’re looking for somewhere you can call home, why not give us a call on 645555 or say hello@blackgracecowley.com – we’d love to hear from you.
Tim Groves
Black Grace Cowley
