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Millions of homeowners will move house to try and bag a bargain

By Jonathan Dawes, Tue 10 Jun 2008 - Published in Mortgages

More than two million homeowners are planning to move home to take advantage of falling property prices, according to research from Abbey.

A survey by the building society has revealed that 1.2 million people intend to trade up to a bigger property over the next year in the hope they will snap up a bargain.

Another 827,000 are selling up to rent, waiting for the market to reach a low before they buy again.

An additional 1.1 million homeowners plan to downsize in an effort to free up capital to help them ride out the credit crunch.

Those who want to buy a new home are willing to wait an average of 7.5 months before making an offer.

However, 67 per cent of homeowners have no plans to move over the next 12 months.

Phil Cliff from Abbey said: "While the majority of homeowners are planning to stay put and wait for the current volatility to end, two million think that house price falls are a good reason to move."

Meanwhile the Council of Mortgage Lenders has urged anyone having trouble making mortgage repayments to contact their lender.