If you thought moving house was all doom and gloom post-pandemic, think again. According to the latest Lloyds Bank Home Mover Review it seems the nation has been gripped by an irresistible urge to pack up and start fresh.
Their analysis found that there’s been a 10% surge in home moves during the first half of 2024 compared to the same period last year. That's 126,884 movers embarking on the adventure of relocation, up from 115,530 in 2023.
Big city shuffle
Greater London leads the charge with a whopping 16% increase in moves. That’s 10,650 people either flocking to or shuffling around the capital. Maybe it's the lure of bustling city life or perhaps the return to office working making urban living a hot ticket again. Either way, the Big Smoke is buzzing with activity.
Overall the South East boasts the highest number of home movers in the UK. A staggering 28,828 moves were recorded in just six months, marking a 13% rise from last year.
Scotland Steady but Strong
Scotland also saw a notable number of movers – 13,003 to be exact. Although the growth rate is a more modest 3%, it’s clear that the Scots are still keen on finding new abodes.
Shifting preferences in property types
So, what types of homes are we gravitating towards? Detached homes have become the belle of the ball. They now make up 33% of all home mover mortgages, up from 29% a decade ago. This craving for more space and privacy is particularly pronounced in the East Midlands, where half of all house purchases were detached homes. That’s a hefty 10% increase from 2014.
Meanwhile, semi-detached homes hold the crown in the North West and Yorkshire and The Humber, where they make up 36% and 35% of moves, respectively. Terraced houses, once a popular choice for second-time buyers, are now increasingly the domain of first-time buyers, declining in popularity among seasoned movers. Only in the pricey zones of Greater London do we see terraced homes (27%) and flats (46%) outpacing the allure of detached properties.
The cost of moving
The average house price for movers is now £392,107, which, interestingly, is a 6% drop from last year but a significant 20% rise compared to five years ago. It seems almost all regions saw prices dip except for Northern Ireland, where prices actually climbed by 3%, with the average now sitting at £257,611 – a staggering 38% increase over five years.
With rising house prices, it’s no surprise that the average deposit has also surged, now standing at £129,951 – up 22% over five years. This means movers are putting down deposits that are around 33% of the property price. In places like the South West, Scotland, and Northern Ireland, this figure rises to 35%.
Movers are getting older
The average age of home movers has crept up to 40, a year older than just 12 months ago. The oldest movers are found in the South West, averaging 41 years old. It seems moving house is no longer just the domain of the young and restless.
Amanda Bryden, the Head of Mortgages at Lloyds Bank, says: “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.
“The home mover 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 the property ladder, it also frees up more properties, like terraced houses, for first time buyers to start their home ownership dream.”
So it seems that 2024 is shaping up to be a vibrant year for the home moving market. Whether you're eyeing a spacious detached home, a cozy semi-detached, or a charming terraced house, there's movement and opportunity in every corner of the UK. So, if you’re contemplating a move, now might just be the perfect time to take the plunge.
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