Average house price for home movers rises by almost £85,000

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The average house price spent by home movers has risen by almost £85,000 over the past five years, according to a study from Lloyds Bank.

The average price paid by home movers has swelled by 41%, a rise of £84,869 – from £206,122 in 2012 to £290,991 by June this year.

In London, the typical house mover home price has surged by 56% – since June 2012, from an average £359,679 to £561,032, or over £201,000.

In the first six months of 2017, the number of home movers dropped by 2% compared with the same time in 2016.

Lloyds Bank Home Mover Review said there were 171,300 UK house movers in the first half of 2017 and 174,300 in the same period a year before.

Spring 2016 marked a rush of customers purchasing homes ahead of a stamp duty hike for second home owners which include buy-to-let investors.

The number of home mover rose by 45% compared with a low point seen in the first six months of 2009, but they are still just below the levels seen in the first half of 2007, which is 48%, Lloyds said.

Lloyds Bank mortgage products director, Andrew Mason, said: “In the past year, the number of home movers appears to have stabilised despite continuing low-interest rates and rising employment.

“There are a number of factors which could be influencing this, more people are paying off their mortgages and not moving, with supply at historic low levels there could be a shortage of suitable homes coming on the market, and the cost of moving house could be putting people off.

“This had meant that home movers now account for just half of today’s housing market compared to a decade ago when it accounted for two-thirds of the market. This has a knock on affect for first-time buyers as there will be fewer properties available for them also.”