The number of homemovers slumped 31% in the first six months of 2020, as lockdown inevitably had a huge impact on the housing market, according to Lloyds Bank.

The financial giant revealed that, in the first six months of this year, 106,985 people moved house, down 48,535 (31%) compared with the same period in 2019.

This is the fourth consecutive annual fall and the greatest decline since the 2008 banking crisis.

Jo Harris, managing director at Lloyds Bank, said: “Never before have we seen the property market shut down in the way lockdown demanded. While a drop in homemovers by a third is a significant decline, and the largest drop we’ve seen in the UK since 2009, some may have predicted this figure to have been even lower, demonstrating the resilience of the UK housing market.

“The current Stamp Duty holiday and pent up demand has brightened the housing market outlook once again. While uncertainty around the lasting impact of the pandemic remains, at least for now the house market looks buoyant, with many people planning their next move after months spent at home during lockdown.”

Who is moving home?

Homemovers are getting younger with an average age of 39, compared to 42 in 2010. The oldest homemovers are in the East Midlands and Scotland (both 40 years old) and the youngest are in London (37 years old).

All UK regions have seen the number of homemovers fall in the first half of 2020, with the largest drop – 37% – in Scotland and the smallest – 25% – in Greater London.

Lloyds Bank noted that homemovers now account for just under half (48%) of the housing market, down from 62% a decade ago, and below first-time buyers for the third year in a row.