Number of people moving home falls for first time in five years

Wed, 25 Jan 2017

Number of people moving home falls for first time in five years
According to Lloyds Bank, the number of home-movers in the UK decreased 4 per cent last year, the first annual decline fall in five years.

In 2016, a total of 354,000 people moved home, with rising house prices being partly blamed. Home-movers had to pay £291,777 on average for their new property last year, which was a rise of 7 per cent.

A lack of suitable homes being available to those looking to move up the housing ladder was also highlighted as a reason for the fall in numbers.

Since the lowest point of the housing crisis in 2009, when 315,000 people moved home, there has been a 12 per cent rise in home-movers. However, the current figure is still half the number reached a decade ago, when 712,000 people moved home.

Andrew Mason, mortgages director at Lloyds Bank, 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.

"Of course, higher prices may explain why more home movers are opting for longer mortgage terms. The ability of home movers, particularly those in their first homes, to move on is an important component in the housing market as it increases the supply of properties, providing homes for new first-time buyers."
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