Recent research has found that the number of people moving home is at its highest level since 2007.
According to Lloyds Bank, last year the saw the figure reach 370,300, having grown by 2%. This can be compared to 2016, where the number of people reported to be moving home saw a fall for the first time in five years. However, the market fell to one of its lowest point in 2009, with the number recorded at just 315,000 – this corresponds with the UK recession which occurred during the first half of the year.
Whilst the most recent figure is 18% above that particular low, it does not quite reach the peak of 2007, where the total number of people moving home hit 653,700.
The only region to have seen a fall in home movers was London at -6%; this result which has largely been attributed to the high house prices and the consequential effect for potential movers.
At 65,400, the South East was region which saw the highest number of home movers, and was far ahead of even its closest competitor, the South West, with 27,500 home movers recorded.
The lowest number was observed in Northern Ireland, at a total of just 4,400.
The figures also showed the growth in property expenses over the past five years, indicating that the average price paid has risen by 44% since 2012 to £296,731.
Parallel to this rise is the 45% growth that deposits have seen over the same time period. In 2012, the average deposit put down was £69,089; this has increased to £100,387 in 2017.
Commenting on the figures was Andrew Mason. The mortgage products director at Lloyds Bank stated: “We’ve seen a slight increase in the number of homemovers following a weak 2016. This could be down to low mortgage rates, rising house prices and high employment levels.
“House price increases will have boosted equity levels for many home owners, enabling movement along the housing ladder. For the first time, homemovers are choosing to pay an average deposit of over £100,000, with Londoners putting down nearly double this. Taking advantage of increased equity levels by putting down a bigger deposit can really make a big difference towards what homemovers can afford and can be the difference between a good home and the right home.”
