Fewer homeowners changing properties

25th August 2017

The number of homeowners moving to a new property dropped 2% to 171,300 in the first six months of 2017. This could harm the property sector by reducing the number of suitable houses entering the market, the latest Lloyds Bank Homemover Review warns. Its analysis shows homemovers now make up just 51% of all house purchases financed by a mortgage, compared to 64% a decade ago. The report also found that over the past five years, the average price paid by homemovers has grown by 41% from £206,122 in 2012 to £290,991 in June 2017. Deposits have also gone up 40%, from £68,663 in 2012 to £96,109 in June.

City AM (20/08/2017)