Rise in people making a property move

Rise in people making a property move

There was an increase in the number of people moving home in 2017 compared to the previous 12 months.

Figures from the Lloyds Bank Home Mover Review show there was a two per cent rise in home moves during 2017 – up to 320,300 people – the highest level since 2007.

Experts believe the increase in movers is due to relatively low mortgage rates and high demand for homes which is allowing existing homeowners move up the property ladder.

“We’ve seen a slight increase in the number of home movers following a weak 2016. This could be down to low mortgage rates, rising house prices and high employment levels. House price increases will have boosted equity levels for many home owners, enabling movement along the housing ladder,” said Andrew Mason, Lloyds Bank mortgage products director.

He added there has been an increase in home movers paying more than £100,000 in a deposit - with those in London paying almost double this to secure their next home.

The region with the highest number of house movers was the south east, followed by the south west. Northern Ireland saw the lowest people choosing to move in 2017.