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Homemover Levels Fall to 5 Year Low

The number of people choosing to move house has fallen to its lowest level since 2011, following four successive years of growth.

UK Home Mover Numbers at Lowest Level for 5 Years

The number of people choosing to move house has fallen to its lowest level since 2011, following four successive years of growth.

The latest Lloyds Bank Homemover Review has revealed that an estimated total of 354,000 people moved home in 2016, down 4% from the 367,300 seen throughout 2015.


While the number of homemovers remains higher than the recent low of 315,000 seen in 2009, the current level is half the number of a decade ago, where an estimated 712,000 moved home in 2006.


Falling homemover numbers coincided with the rising price of property, said Lloyds Bank, as the average homemover house price reached £291,777 – a 7% rise year-on-year.


In London, this rise is even more acute, with the average price having risen by 75% since 2009 to a new average of £560,946, marking a record high for the capital and placing prices £165,407 higher than in the second highest priced region: the South East.


The only region to have experienced a decline in property prices since the economic downturn was Northern Ireland, where the average price has fallen by 3% over this period and by 12% over the last decade.


Commenting on the findings, Lloyds Bank Mortgages Director, Andrew Mason, said:


‘Whilst higher prices will have lifted equity levels for many current owners, the low availability of the ‘right type’ of homes for those looking to move up the housing ladder may have constrained market activity.


‘The ability of homemovers, particularly those in their first homes, to move on is an important component of the housing market as it increases the supply of properties, providing homes for first-time buyers.’


Earlier this week, the Global Chief Executive of JLL declared that first-time buyers have also been adversely affected by the government’s changes to Stamp Duty taxation in recent years.


Christian Ulbrich said that despite the new the legislation UK would remain a property haven for foreign investors and that the government had failed to address the market’s fundamental undersupply with the changes.

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