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Housing market set for stagnation in 2012

Friday, 27 January 2012 9:18 AM

The young can't buy and the old won't sell and the result will be housing stagnation in 2012, says a study by HSBC.

The bank's 2012 Home Moving Survey asked 2,000 people about their plans to buy or sell over the next 12 months and found that only 12 per cent are thinking of moving home or getting on the housing ladder.

But the reasons for not moving differed between age groups. Of those not looking to move, 61 per cent of the over-55s said it was because they were happy with their current home compared with only 28 per cent of the under-34s.

In contrast, the main reason cited by the under-34s were not having a deposit (29 per cent), worry about not getting a mortgage (15 per cent) and job prospects (14 per cent).

Of those who do want to move, the main motivations for younger people are getting on the housing ladder (31 per cent) and getting more space (27 per cent). However, 10 per cent said they simply did not want to buy.

For the over-55s, the main reasons for selling were downsizing (36 per cent) and releasing some equity (33 per cent).

Peter Dockar, HSBC head of mortgages, said: "Our research suggests that the current economic climate is of particular concern to younger people who either want to get on the housing ladder or move on to a larger property."

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