Lloyds: Property prices rise by 70% in past decade

Jessica Nangle

January 27, 2020

Average property prices rose by 70% in the past decade according to research by Lloyds Bank. 

The number of homemovers across the UK has also risen by 13% between 2009 and 2019, with Northern Ireland recording the highest rise at 47%.

The average price paid by UK homemovers in 2019 was £330,984 compared to an average of £196,386 in 2009.

The amount needed for a deposit has risen by 40% in the past decade.

The South East saw average property prices rise by 85% whilst the capital saw average house prices increase by 103% in the past decade.

The number of first-time buyers increased by 6% through 2009 to 2019 and by just 1% last year.

Andrew Mason, mortgage director at Lloyds Bank, said: “We’ve only seen a small increase in the number of people moving home over the last decade, with rising house prices likely to be the main reason for the slowdown.

“With the average deposit being put down remaining relatively steady, it has become more difficult for people to move up the ladder.

“There are still areas that offer promising opportunity for home movers, with Northern Ireland and Scotland in particular looking more affordable.

“However it’s clear that the main challenge of raising sizable deposits is not limited to first-time buyers.”

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