The number of people moving home increased by 10% in the first half of this year compared to the same period last year, a report found.
There were around 126,884 home moves during the first six months of the year compared to 115,530 in the same time frame in 2023, according to the Lloyds Bank homemover review.
Greater London had the largest growth in home moves at 16% year-on-year, or equal to around 10,650. This could be partially attributed to a “return to office working”, so city living has a “greater appeal”, the lender said.
The South East had the largest number of homemovers across the UK, with 28,828 moving home, which is 13% up on 2023 figures.
Scotland had a high number of people moving home at 13,003, and this represented a 3% increase on the same period last year.
The report found that homemovers made up around 44% of all house purchases, which is down from 46% last year.
People moving home paid around £392,107 for a property, which is a fall of 6% on the same period last year but a fifth higher than five years ago.
Nearly all regions saw a drop in prices for people moving home, barring Northern Ireland, which rose 3% year-on-year to £257,611.
The average deposit needed has grown by 22% to £129,951, meaning movers have equity in their new home equal to around a third of property prices. This goes up to 35% in the South West, Scotland and Northern Ireland.
The report also found that the average age of a person moving home is 40, a year older than a year ago.
Detached homes most popular for homemovers
Detached homes were the most popular property type, accounting for a third of all homemover mortgages in the period.
This is up from 29% 10 years ago and this was attributed to buyers seeking “more privacy and space”.
In the East Midlands, detached properties made up half of all property purchases, a rise of 10% compared to 2014.
Going further North, semi-detached homes were the most common choice for movers, coming to 36% in the North West and 35% in Yorkshire and the Humber.
Terraced properties have declined in popularity for movers in the last decade, going from 24% in 2014 to 19% in 2024. This could be because they are seen as a good first-time buyer property, the report noted.
This trend was reversed in Greater London, with terraced homes making up 27% of homemover purchases and flats making up 46%.
‘Positive’ start to the year for homemover market
Amanda Bryden, head of mortgages at Lloyds Bank, said that “moving home can be an exciting step for many, with people choosing to move for a whole host of reasons – seeking a different lifestyle, relocating for a job, needing more space for growing families or simply looking for a change of scenery”.
She continued: “The homemover market has had a positive first half of this year, with an increased number of people making a move in a sign buyer confidence is improving. Six out of 10 movers have chosen detached or semi-detached properties, as larger living areas make them a popular choice as people seek more space and privacy.
“Looking across the wider home buying market, this also signals positive news for first-time buyers – while turnover of property stock helps homeowners take the next step [on] the property ladder, it also frees up more properties, like terraced houses, for first-time buyers to start their homeownership dream.”
Nathan Emerson, CEO of Propertymark, said: “Certain types of homes will always be popular with consumers at different times, but the overriding issue in the housing market is the lack of supply, which is contributing towards soaring house prices.
“The UK Government has set itself an ambitious target of building 1.5 million new homes by 2029, and that means they would have to build a new housing estate consisting of 1,150 homes every single working day before the end of this Parliament.”
He added: “Politicians must ensure that there is a diversity of tenure so that there is plenty of choice available for people who wish to live in specific types of housing.
“Propertymark is keen to see a ‘connected communities’ approach that ensures new houses are targeted at the right areas at the right time, with a sympathetic view undertaken to protect greenbelt locations where other suitable land may be better matched, such as disused industrial areas and other derelict buildings.”
This article is based on one that was first published on YourMoney.com‘s sister site, Mortgage Solutions. Read: Homemovers up 10% YOY in H1 2024 – Lloyds Bank
