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155,000 Homemovers in First Six Months of 2015
An estimated 155,000 people moved home in the first six months of 2015, according to the latest Lloyds Bank Homemovers Review. The number of homemovers in the first six months of 2015 was nine per cent lower than in the same period in 2014.
Despite this decline, the number of homemovers in the first half of 2015 was almost a third (32%) higher than in the same period in 2009 at the depth of the housing market recession.
The rise in house prices over the past few years has boosted homeowners’ equity in their current homes, making it easier for them to fund a deposit towards the purchase of their next property.
Notwithstanding the improvement since 2009, the number of homemovers in the first half of this year was less than half the total in the first six months of 2007 (327,600). The percentage decline in the number of homemovers between the first halves of 2014 and 2015 was closely in line with the 10% fall in first-time buyers. First-time buyer numbers have, however, risen significantly more quickly than homemovers over the last few years. As a result, homemovers have declined as a proportion of all new mortgage financed home purchasers from 72% in 2004 to 54% in 2015.
Andrew Mason, Lloyds Bank mortgages director, said: “There was a modest decline in the number of homemovers in the first half of the year compared with 2014, which was in line with the general softening in housing market activity. Whilst the number of homemovers has risen significantly since 2009, it remains well below previous levels and has recovered less strongly than first-time buyer numbers. This is likely to partly reflect the high costs associated with moving home, as well as highlighting the difficulties that homeowners can face in finding somewhere suitable to move to due to the shortage of properties available for sale.”