Number of homemovers reaches highest level in a decade
The number of people moving home is at its highest level since 2007, according to Lloyds Bank.
The bank found that 370,300 existing homeowners moved house in the last year – up 2% on 2016.
This increase in 2017 follows a decline in the number of homemovers reported in 2016, which fell for the first in five years.
Lloyds Bank puts last year’s rise down to continued low mortgage rates and high demand for homes. However, the current number is still 43% below the 653,700 homemovers recorded in 2007.
The price is high
Over the past five years, the average price paid by homemovers has grown by 44% (£90,879) from £205,852 in 2012, to £296,731 in 2017.
Andrew Mason, Lloyds Bank mortgage products director, said: “House price increases will have boosted equity levels for many homeowners, 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.”
Fall in London movers
Only one region saw a drop in the number of movers last year – London.
High house prices in the capital have adversely impacted the homemover market, said Lloyds Bank, with numbers of homemovers falling by 6% to 22,600 in the past year.
In London, the average price a homemover pays has grown by 59% since 2012 to £568,816, the highest in the UK. The average homemover price in the capital is 40%, or £161,429, higher than the second most expensive region – the South East (£407,386).
The South East region, however, had the highest number of homemovers last year at 65,400 – more than double the next highest region, South West with 27,500.