According to Lloyds Bank the number of people moving home in the first half of this year went up by 1% – or 810 – compared to the same period last year.
This might not seem a like a big rise, but it is the first time in three years the numbers of people moving home has increased.
However, when it comes to buying properties, first-time buyers are still dominating the market, according to Lloyds.
Its data showed the number of people buying their first property went up by 5%, with nearly 174,000 getting onto the ladder between January and June 2019.
Andrew Bickers, mortgages director 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.”
Increasing costs
He thinks the slow rate of home movers was a reflection of growing deposits, higher stamp duty charges and potential interest rate rises.”
Indeed, Lloyds’ figures showed, on average, homemovers were forking out £329,648 – a figure which has soared by 32% over the past five years.
What’s more, it revealed, deposits remained at record highs of over £100,000 for the third year in a row. It said the amount required as a deposit, or in equity for those already on the property ladder, had increased by 22% over this time from £86,000 to £105,260.
Bickers added: “The perfect ‘next’ homes are also becoming less available, such as 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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