UK home mover market increased 9pc in H1

homemoversThe number of home movers in UK has increased by 9% in the first six months of 2016 year on year. According to Lloyds Bank report, over 174,500 people have moved up the housing ladder in H1 even though the home movers require a higher level of deposit for their next property due to the rising house prices. Home mover market has reached its highest level since 2008 over the same six month period. The average deposit put down by a home mover has increased over 30% in the past five years, from £72,350 in 2011 to over £95,300 in 2016, equivalent to 33% of the average price paid by home movers.

Andrew Mason, Lloyds Bank mortgage product director says: “The home mover 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 have supported the market. Higher house prices have also boosted home mover 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 among the existing home owners.”

Leave a reply

Your email address will not be published.

Back to home page