Homemovers are predicted to spend £1.1b on beds and furniture over the next 12 months, according to the Q2 2022 Property & Homemover Report from property information specialist TwentyCi.
The property market continues to run hot, with +10% more households saying they want to move house in comparison to three months ago, states the report, which also found that 402,011 households are currently considering a house move compared to 365,873 in April 2022, and that the number of households moving soon has also increased by +6%, from 328,640 in April to 348,840 today.
These homemovers will offer a £29b lifeline of expenditure to a retail economy which is being impacted by the cost of living crisis, inflation and increased interest rates.
Each year, new owners spend £1.1b on beds and furniture, £462m on soft furnishings, £2b on flooring and window coverings and £4b on kitchens, states TwentyCi.
MD Colin Bradshaw comments: “Homemovers represent a group who are compelled to spend throughout the moving journey. For the majority of homemovers, deferring expenditure during a move on items such as flooring, beds, sofas or kitchens is not an option. This makes targeting homemovers an obvious business choice. Furthermore, a homemovers average order value (AOV) is significantly greater than a non-homemover, with the return on investment derived from a focus on movers typically generating a return of £20 for every £1 invested.
"Consequently, brands should consider adjusting their marketing to have a greater focus on this valuable consumer group.”
April to July 2022 saw 358,149 sales, which is close to +10% greater than the same period in 2019. With this level of sustained activity, volumes remain on track for 1.2 million transactions in 2022.
Inner and outer London have both seen a recovery in sales agreed (28% and 16% respectively) since the historic lows experienced during Covid.
House prices are also continuing to rise, with the average property asking price increasing by nearly +20% since 2019. The average asking price is now £433,000, compared to £360,000 in the same period three years ago.