Homeowners 'poised' to move over shifting property prices

With potential implications for tax, a number of homeowners are poised to take advantage of the fall in the country's property prices, it has been claimed.

According to information released by Abbey Mortgages, in excess of two million owners of homes have plans to move in order to maximise the benefits of the current fall in the cost of housing.

"For some people a falling house price environment is not necessarily bad news," said Phil Cliff, director of Abbey Mortgages.

"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 over 800,000 have plans to sell their property and move into rented accommodation, 1.2 million homeowners have plans to upsize at a discounted price.

Once known as Abbey National, Abbey is now the UK's sixth largest bank.