The number of home movers has risen for the first time in three years.
Meanwhile, the average price paid by those moving home has grown by 32 percent as the cost of moving home jumps by 4 percent in a year.
New research from Lloyds Bank has revealed that the number of people moving home rose in the first half of 2019 for the first time since 2016: there 160,540 home movers in the first six months of this year, up by 810 on the same period in 2018.
More FTBs than ever
First-time buyer numbers have increased at an even greater rate: they rose by 7,460 to 173,790 from January to June.
The highest number of home movers were in the south-east, though numbers there fell slightly year-on-year.
Meanwhile, the average price paid by home movers rose by a third (32 percent) to £329,648, again the south-east recording the highest increase followed by East Anglia, Greater London, the north-west and east Midlands.
The Lloyds research also revealed that deposits are at a record high with more than £100,000 required to secure a property. That’s a rise of a fifth (22 percent) in the last five years: from £86,398 in 2014 to £105,260 this year.
Andrew Bickers, mortgages director at Lloyds Bank, said: “The home mover 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.
“The slow rate of home movers 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 as 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.”