Average house price for home movers soars by nearly £85,000, analysis reveals
The average house price paid by home movers has surged by nearly £85,000 over the past five years, according to analysis from Lloyds Bank.
The typical price paid by home movers for a property has surged by 41% - from £206,122 in 2012 to £290,991 by June 2017 - an increase of £84,869.
In London, the average home mover house price has ballooned by 56% - or over £201,000 - since June 2012, from £359,679 to £561,032.
Home movers in Scotland now pay £204,974 typically - an increase of 22% over the last five years. Those in Wales pay £201,928 on average - a 32% increase since 2012 and those in Northern Ireland pay around £165,404 - a 21% increase.
In the first half of 2017, the number of home movers was down by 2% compared with the same period a year earlier.
There were 171,300 UK home movers in the first half of 2017 compared with 174,300 in the same period last year, according to the Lloyds Bank Home Mover Review.
Spring 2016 saw a rush of buyers snapping up homes ahead of a stamp duty increase for second home buyers, including buy-to-let investors.
Home mover numbers are up by 45% compared with a low point seen in the first half of 2009, but they are still just under half (48%) the levels seen in the first half of 2007, Lloyds said.
Andrew Mason, Lloyds Bank mortgage products director, said: "In the past year, the number of home movers appears to have stabilised despite continuing low interest rates and rising employment.
"There are a number of factors which could be influencing this, more people are paying off their mortgages and not moving, with supply at historic low levels there could be a shortage of suitable homes coming on the market and the cost of moving house could be putting people off.
"This has meant that home movers now account for just half of today's housing market compared to a decade ago when it accounted for two-thirds of the market. This has a knock on affect for first time buyers as there will be fewer properties available for them also."
The average deposit put down by a home mover has increased by 40% in the past five years, from £68,663 in 2012 to £96,109 in 2017.
Buyers in London put down the largest deposit towards the purchase of their next home at £188,916, while the lowest average home mover deposit is in Northern Ireland, at £48,080.