The number of people moving home increased for the first time in three years in the first half of 2019, according to latest figures.
Lloyds Bank said there were 160,640 homemovers in the first half of 2019, up by 810 compared with the same period in 2018. Homemovers are still behind first-time buyers however where the numbers increased at a slightly higher rate of 7,460 to 173,790 in the first half of 2019.
Over the past five years, the average price paid by homemovers has grown by £79,627 to £329,648.
Deposits remain at record highs of over £100,000 for the third consecutive year (£105,260). The amount of deposit or existing equity has increased by 22% over the past five years from £86,398 in 2014, to £105,260 in 2019.
“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,” Lloyds Bank mortgages director Andrew Bickers commented.
“The slow rate of homemovers is a reflection of growing deposits, higher stamp duty charges and potential interest rate rises. The perfect ‘next’ homes are also becoming less available, such 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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