SOME 13 per cent of British adults say they plan to move home in the next year, but the amount they are willing to spend has dropped.

A further 23 per cent are looking to relocate in the next two years, new research has found.

However the average amount they plan to spend on a new home has fallen to £312,702 compared to the first quarter of 2018, according to the latest tracker survey from AA Financial Services.

This drop of three per cent has been held up as proof more “market-savvy home buyers” are eyeing property bargains.

The research, which looks at plans in the months ahead, reveals some regional variations.

People in Wales are most likely to want to move, with 15 planning to do so in the next six months, up eight per cent, followed by 14 per cent in London, a rise of six per cent.

Some 11 per cent in the West Midlands are planning to move, up five per cent, while nine per cent in the East of England want to do so, but this is down two per cent.

“Demand for property does not seem to be dropping and in many parts of the country it has, in fact, become stronger,” said David Searle, managing director at AA Financial Services.

“Equally encouraging is the proportion of renters who are looking to buy, suggesting that the British aspiration of owning house remains strong.

“However, a house is ultimately worth what someone is prepared to pay, and price is one of several elements that go into a buying decision. Recent trends suggest asking prices are not being met.”

He added: “Looking forward, we can see this is having some influence on what offer people might make in three to six months’ time.

“Our suggestion to market-savvy home buyers is that there are also bargains to be had this spring when it comes to choosing their mortgage.”

The research also reveals that more people are set to switch from renting to buying. Some 28 per cent of those renting will be buying their next home, up from 24 per cent.