The mortgage lender revealed the volume of people moving home dropped by over a third in the first half of 2022 compared to the same period in 2021.
Whilst there were 266,279 movers in January to June 2021, this dropped to 172,501 in the same six months this year.
Last year’s boom was heavily influenced by the government’s stamp duty holiday which created a flurry of activity in the housing market during the pandemic.
It’s no wonder, therefore, numbers have dropped of this year. Yet, even with the number of movers tailing off, the start of 2022 remained – with the exception of the beginning of 2021 – the busiest time for home moves since 2008.
Andrew Asaam, homes director for Halifax, said the lower numbers of movers this year was ‘not unexpected’ and the market had remained buoyant in 2022.
“Last year was like no other – the stamp duty holiday drove an incredible amount of demand, leading to an 133% increase in movers in 2020.
“So, it was always likely we were going to see a fall compared to that record high, but when we look at the numbers overall – movers are very much still moving.”
Greater London and the South East saw the biggest plunge in mover numbers, falling by 45% and 43% respectively in the first six months of 2022 compared to the same time in 2021.
Although every region experienced a dip compared to last year, Scotland’s movers numbers fell the least – by 13%.
Andrew added: “With the cost of an average home for movers in London now at £733,628, it is perhaps unsurprising the market in London is self-correcting, with many likely priced out of moving in and around the capital without additional support.
How much are home movers paying for a property?
The analysis also revealed the average price paid by home movers was £403,163 up by 5% on last year and a rise of 42% over the last five years.
Wales and Northern Ireland experienced the greatest house price rises over five years with prices for home movers rising by 48% in both countries.
The North West of England, East Midlands and West Midlands also saw home mover prices increase by 45%.
Thanks to house price rises, home owners moving to a new property were bringing 30% or more equity, said Halifax.
In monetary terms this is £134,108 towards their new home, which compares to £98,219 in 2017.
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