Home-mover numbers increase for first time in three years

Posted on Friday, August 30, 2019

The amount of deposit or existing equity required has increased by 22% over the past five years.

The number of people moving home increased for the first time in three years in the first half of 2019, despite deposits remaining at record highs of over £100,000, according to research from Lloyds Bank.

There were 160,540 home-movers in H1 2019, up by 810 (1%) compared with the same period in 2018.

In 2019, four regions have seen increases in the numbers of home-movers by over 2% – North West (15,979 up 2.5%), West Midlands (13,634 up 2.6%) and Northern Ireland (3,280 up 2.5%).

However, the North, South East and Scotland are seeing falls of between 0.3% and 1.9% in the numbers of home-movers compared to the same period in 2018.

The South East still has the highest number of home-movers in the UK at 36,316, but this has dipped slightly by 0.9% over the last year and is 9.5% below its 2014 high of 40,120.

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

The South East has seen the highest growth, from £137,376 (43%) to £460,395 followed by East Anglia (41%), Greater London (37%), the North West and East Midlands (both at 36%).

The amount of deposit or existing equity required has increased by 22% over the past five years from £86,398 in 2014 to £105,260 in 2019.

The deposit required for London homes has increased to more than £200,000 (£213,907) for the first time, which represents an increase of 26% over the past five years. The next largest deposit amount is in the South East at £150,970 followed by South West (£117,298) and East Anglia (£110,207).

Northern Ireland has the least amount of deposit required at £56,763 but has seen the biggest increase over the past five years at 52%.

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