House prices have soared by 70% in the last decade but the number of buyers was much slower by comparison, a study by Lloyds Bank has revealed.
The average price paid by UK homemovers has rocketed from £196,386 in 2009 to £330,984 in 2019, according to the analysis.
Meanwhile, the number of people moving home across the UK has increased by a less dramatic 13% since 2009.
In London, prices went up by 103% in the decade while the number of homemovers fell by almost 25%.
Northern Ireland experienced the greatest increase in the number of homemovers – indeed, there was a 47% hike over the course of the decade. The average price paid in the region went up by only 15%.
The North West and Yorkshire and Humber saw the second and third largest increases in the number of homemovers – they went up by 34% and 31% respectively.
The number of homemovers in the South East barely increased at 1%, which Lloyds suggested was due to the fact the average homemover house price in the area has grown 85% over the same time period.
The average house price for a mover there is now close to half a million pounds (£457,043)
First-time buyer deposits
And, when it comes to deposits being put down by first-time buyers, the study found the average amount needed to get onto the property ladder had grown by nearly 40% since 2009.
Andrew Mason, mortgage director at Lloyds Bank, said rising house prices was likely to be the reason behind the ‘small increase’ in the number of people moving home.
But he said with the average deposit being put down remaining relatively steady, it had 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,” he said.
“However it’s clear that the main challenge of raising sizeable deposits is not limited to first-time buyers.”
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