10th August 2015
The number of people moving home is up a third since the property market bottomed out in 2009.
A total of 155,000 people moved home in the first six months of 2015, according to Lloyds Bank Homemovers Review, up 32% from the same period in 2009 at the depths of the housing market recession.
However, the number of people moving has fallen 9% from the first six months of 2014.
The rise in house prices over the past few years has boosted homeowners’ equity, making it easier for them to fund a large deposit towards the purchase of their next property.
The average price paid by a homemover has increased 25% over the past five years from £208,654 in 2010 to £261,524, the equivalent of a monthly rise of £881.
The average deposit put down by a homemover has increased 8% in the past year from £81,549 to £87,954. Those living in the capital are putting down the largest average deposits at £175,273.
The cost of moving has been reduced with changes to the stamp duty system, saving the average homemover £4,760. The bill for purchasing a home of £261,524 has fallen from £7,845 to £3,076. Those buying in London have seen their bills drop just £142 from £14,786 on average to £14,644.
‘There was a modest decline in the number of homemovers in the first half of the year compared with 2014, which was in line with the general softening in housing market activity,’ said Andrew Mason, Lloyds Bank mortgages director.
‘While the number of homemovers has risen significantly since 2009, it remains well below previous levels and has recovered less strongly that first-time buyer numbers. This is likely to partly reflect the high costs associated with moving home, as well as highlighting the difficulties that homemovers can face in finding somewhere suitable to move to due to the shortage of properties available for sale.’