November 9, 2009
Recession Sees End Of ‘Hoppers’ And Rise Of ‘Stoppers’
Property ladder-obsessed homeowners could become a thing of the past as a new study reveals almost three quarters of the nation are happy to remain in their current home as a result of the economic downturn.
The research by Aviva shows that 68% of homeowners see their home as an emotional investment, where they seek relaxation and calm, rather than a commodity to make money for the future.
This is a good thing – people are happy to stick where they are and save, rather than using their home to fund lifestyles beyond their means. This also helps people increase their stake in their home, giving them more financial options in the future.
The study reveals a surprising re-assessment of how the nation views its homes in recession-hit Britain 2009: it found that 80% of people considered themselves to be home ‘hoppers’ before the recession while only 26% say the same today.
Dr Paul Keedwell, expert in environmental psychology at Cardiff University says: “A surprisingly large number of people across the UK report having a new-found emotional attachment to their homes. This is probably because of, rather than in spite of, the economic downturn, which has made many of us change from being house hoppers to house stoppers.”
Simon Warsop, director of home at Aviva says: “In a country that has been driven by a property-ladder culture for so many years it is interesting to see that perhaps we are seeing the evolution of a new social trend – one where the home really is where the heart is rather than a commodity to do up and sell on.
“Clearly when the housing market picks up we may see our appetite for house hopping re emerge, but at the moment it seems we are clearly stopping in the place that makes us feel the most safe and secure.”
SOURCE: Aviva, 05/11/09
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