The lender said there were 354,000 homemovers in 2016, 4% down on 2015, when there were 367,300 movers.

This marks the first drop in moving since 2011, following four successive years of growth. Despite the current number of homemovers being 12% higher than at the lowest point of the housing downturn in 2009, it’s still a whopping 50% below the 712,000 seen a decade ago.

Andrew Mason, Lloyds Bank mortgages director, said: “Despite favourable economic conditions including record low mortgage rates, high employment levels and rising real pay growth, the number of homemovers fell in 2016 for the first time in five years. While 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.”

Homemover prices hit record high

The average house price paid by homemovers increased by 7% last year, according to Lloyds, from £273,510 in 2015, to a record high of £291,777.

These rising prices have driven up average homemover deposits to £96,968, an increase of 33% (£23,978) from £72,270 in 2009. Over the past year, the average deposit has grown by £5,640 (6%).

In London, homemovers are, on average, putting down £192,432 to move to the next rung of the housing ladder, an increase of 74% (or £82,015) since 2009.

At the other end of the scale, homemovers in Northern Ireland have seen average deposits fall by over a quarter (25%) from £60,409 in 2009 to £45,371 – the lowest in the UK.