Homeowners can now expect to move once every 14 years because the financial crisis has transformed the property market, experts say.
In 2007, before the financial crisis began, property owners in England and Wales moved every nine years on average, according to Savills, the estate agency, which looked at data from HM Revenue & Customs and the Land Registry.
Analysts say the number of transactions each year has slowed to what they conclude is a “new normal” of 1.2m, down from 1.67m a year in the ten years before 2007. There were 6.28m fewer transactions in the past ten years than in the previous decade.
