Number of homemovers on the rise

Jessica Nangle

August 26, 2019

moving costs

The number of people moving home increased for the first time in three years in Q1 2019 according to the latest research by Lloyds Bank.

There were 160,540 homemovers in the first half of 2019, a year-on-year increase of 1%.

Homemovers continue to be behind first-time buyers however, which saw an increase of 5% in the first half of 2019.

In the North, South East and Scotland, the number of homemovers saw yearly declines of 0.3 – 1.9%.

The South East has the highest number of homemovers in the UK at 36,316, whilst London remains the most expensive homemover region.

Over the past five years, the average price paid by homemovers has grown by 32% to £329,648.

Deposits remain at record highs of over £100,000 for the third consecutive year, increasing by 22% in the past five years.

Andrew Bickers, mortgages director at Lloyds Bank, said: “The homemover market has seen some positive movement in the first half of this year, but first-time buyers are still dominant in driving housing activity, helping to keep movement along the property ladder.

“The slow rate of homemovers is a reflection of growing deposits, higher stamp duty charges and potential interest rate rises.

“The perfect ‘next’ homes are also becoming less available, such those with an extra bedroom and outdoor space – which is all in the mix when it comes to the number of movers we are seeing.”

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