A massive 174,700 people have moved up the housing ladder in the first six months of 2016 – 9% up on last year – as rising house prices have given movers a higher level of deposit for their next property, according to Lloyds Bank.

Since hitting a market low of 117,900 in the first half of 2009 the number of buyers moving along the housing ladder has grown by 48%. But the bank said that this is still just half the pre-crisis level of 327,600 in the first half of 2007.

Growing deposits

The average deposit put down by a homemover is now over £95,000 – having rocketed 32% in the last five years, and in London rises to over £190,000.

Over the same period, the average price paid by homemovers has grown by 38% from £206,997 in 2011, to £261,5504 in June 2016 – an increase of £78,609, equivalent to a monthly increase of £1,310.

Long-term loans

The proportion of homemovers taking up a 25 to 35-year mortgage has doubled since 2011, to almost one in five (18%).

Over the same period, the share of mortgages with a 20 to 25-year term dropped from 36% to 29%.

Andrew Mason, Lloyds Bank mortgage product director, said: “The homemover market is at a nine-year high after growing by 9% in the past year. A favourable economic backdrop, record low mortgage rates and the Stamp Duty changes announced in December 2014 have supported the market.

“Higher house prices have also boosted homemover equity levels which in turn have helped towards the purchase of the next home. This improvement is likely to have provided uplift to housing demand amongst existing homeowners even though wage growth has not kept pace during this period.”