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."
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Note: For a free no obligation chat with an independant mortgage specialist about your requirements please complete ourmortgage enquiry form below.

Mortgage, Remortgage or Buy-to-Let Mortgage Enquiry Form

Stop Press: Find the perfect mortgage!
Lending criteria has been relaxed and our specialists can find you great mortgage offers to compare.
Our team do all the work to find you the best offer
We'll help you find the best mortgage for your needs and ensure that everything runs as smoothly as possible.
Deposits required are again falling
The cost of the best deals has dropped recently for those borrowing either 80%, 85% or 90% of their property's value
Independent, searching the whole market
With 1000's of mortgage products available our mortgage brokers will source the mortgage that suits your situation.
Please complete this quick, free enquiry form.




mths

Your Details

Home Buyer Guides

Home Buyer News

Speak with an independant mortgage specialist

About Company

HomeBuyService.co.uk is part of the SFN Network of websites. Sitefinders Net Ltd is a U.K based company setup in 1995. Our core business is the development of online businesses using the generic domain name concept. We have a growing portfolio of websites in many different industries such as electronics, finance, retail, seasonal and health.

Privacy Policy
FAQ
Sitemap

Get in Touch