A UK property selling survey conducted by the National Association of Estate Agents found that divorce, debt, death and a new job were key reasons for people selling a property.
The survey also found that the majority of people looking to move home did so to get a bigger property 1000 estate agents were asked to find the top three reasons people gave for wanting to buy or sell a home. 41% of estate agents said needing to repay debt was a major factor forcing homeowners to sell their property, while 39% were buying or selling a home following a family death.
A Question For You!
I wonder if the reasons for selling a home is the same worldwide. The UK survey seems a little obvious what other reason top the list in your area?
Why People Lose Their Homes
I think it is pretty universal the reasons people sell their homes. You pretty much covered the most obvious. As far as per centages it may fluctuate somewhat.
The only other one I would add if the people may be investors and they are buying the homes to fix up and flip, or to do an exchange. Not sure if you have like kind exchanges in the UK.
When you say like kind exchanges we do have people that house swap sometimes with a payment invloved when a swap is worth more than the other property.
Selling to leave home ownership in favour of rental propety was a feature in the housing market a year ago however it is pretty cheap to pay a mortgage right now in the UK but for how long?
We have a new potential government on the horizon and who ever gets in power will need to reduce national debt by raising taxes