The number of home movers has fallen by more than a third (35%) in the first half of 2022 compared to the opening half of last year, new data published by Halifax has indicated.

In the first six months of this year, 172,510 people moved house, compared to 266,270 in the opening half of 2021.

The total figure of people moving home last year was heavily influenced by the government’s stamp duty holiday which supported the UK housing market during the pandemic, leading to a 133% rise in home movers between 2020 and 2021.

While numbers have dropped this year compared to the record highs of 2021, Halifax suggested that home moves are still above pre-pandemic levels overall. Home movers now make up just under a half (47%) of all house purchasers, after falling nine percentage points from 2021 (56%).

Commenting on the research, Halifax homes director, Andrew Asaam, said: “The number of home movers so far this year is lower than the record high set last year: this was not unexpected, and the housing market has remained buoyant in 2022 so far.

“The number of people moving home in the in the first six months of the year was above pre-pandemic levels and is, other than 2021, the busiest start to the year for home moves since 2008.

“Last year was a year like no other – the stamp duty holiday drove an incredible amount of demand, leading to an 133% increase in movers on 2020. So, it was always likely we were going to see a fall compared to that record high, but when we look at numbers overall – movers are very much still moving.”

The average house price paid by home movers is now £403,163, a figure up 5% on last year, and up 42% over the last five years. When looking at the five-year trend, Wales and Northern Ireland have experienced the greatest increases in house prices for the home mover cohort, both up 48%, followed by the North West, East Midlands, and West Midlands, all up by 45%.

Halifax also revealed that Scotland has seen the lowest increase since 2017, although Scottish prices have still risen by 30% in that time.

In all UK countries and regions, home movers are now bringing equity at 30% or more of the purchase price. At the UK level, these deposits are now a third (33%) for all home movers, while for first-time buyers, this figure is 20%.

In monetary terms, this means those buying a home now have £134,108 to put towards their move onto the next rung of the ladder. In 2017, this figure was £98,219.

Asaam added: “Our data shows that people moving to the next rung of the housing ladder are now able to cover over a third of the purchase price of their new home with existing equity, with the average amount now over £134,000.

“People selling up and moving into or around Greater London are bringing the greatest amounts of any UK region or country – of almost a quarter of a million pounds.”

He added: “Some home movers will be financially advantaged by house price increases – such as those moving from areas with higher average house prices to those with lower. However, other pressures on household budgets from the rising cost of living must be taken into account, as the overall cost of home moving remains an expensive endeavour for all.”

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