Home moving activity falls during first six months of 2017

Recent research has indicated that the number of homemovers during the first half of this year was down 2% compared to the same period in 2016.

According to the Lloyds Bank Homemover Review, the six months to June of this year saw 171,300 people moving home in comparison to 174,300 last year. That figure was an 11% increase on the same period during 2015, and has largely been attributed to the introduction of the stamp duty surcharge.

The number of homemovers has risen by 45% since 2009, which saw a market low of 17,900. Whilst the increase is promising, the current figures are still below half of those observed prior to 2007’s financial crash.

Commenting on the wide-scale impact of the fall in activity was Andrew Mason. The Lloyds Bank Mortgage Products Director drew attention to the potential issues influencing the market, stating: “In the past year, the number of homemovers appears to have stabilised despite continuing low-interest rates and rising employment. There are a number of factors which could be influencing this, more people are paying off their mortgages and not moving, with supply at historic low levels there could be a shortage of suitable homes coming on the market and the cost of moving house could be putting people off.

“This has meant that homemovers now account for just half of today’s housing market compared to a decade ago when it accounted for two-thirds of the market. This has a knock on effect for first-time buyers as there will be fewer properties available for them also.”

Today's Conveyancer