The 2012 HSBC Moving Home Survey, which asked more than 2000 adults about their home buying and selling intentions over the next six months, revealed that only 12% are thinking about moving home or getting on the housing ladder.
Of those householders not looking to move, 61% of people aged 55+ said it was because they were happy with their current property compared to just 28% of those aged 34 and under.
Of those people aged 34 and under who are not planning to buy or sell a property, the main reasons included 29% having an insufficient deposit, 15% had concerns about not getting a mortgage and 14% had fears about employment prospects.
While financial concerns were a factor for many young people staying put, 10% said they did not wish to own a home, suggesting a reverse in home ownership aspirations for this age group.
The main reasons people aged 55+ were thinking of selling a property was 36% wanting to downsize and a third said they wished to release some or all of the equity held within.
The main motivations for younger people wishing to buy or sell was 31% wanting to get on the property ladder and 27% needing more space.
Peter Dockar, head of mortgages at HSBC, said: “Our research suggests that the current economic climate is of particular concern to younger people who either want to get on the housing ladder or move on to a larger property.
“All this supports the prediction of the Council of Mortgage Lenders that lending will fall this year. However, HSBC has no intention of closing its doors to customers.
“We have already committed to make at least £15bn available this year to mortgage customers, with £3bn explicitly for first-time buyers. This commitment will help in the region of 150,000 homeowners and over 27,000 first time buyers.”
