The home mover market is buzzing with activity!
According to the latest Lloyds Bank Home Mover Review, the number of people moving homes surged by 10% in the first half of 2024. And guess what? Detached properties are the hot favourite!
Surge in Home Moves
In the first six months of 2024, a whopping 126,884 home moves were recorded, up from 115,530 during the same period in 2023. Greater London led the pack with a 16% increase in home moves, totalling 10,650. It seems the return to office work has rekindled the love for city living.
The South East wasn't far behind, boasting the highest number of home movers in the UK with 28,828 moves, marking a 13% rise. Scotland also saw a modest 3% increase, with 13,003 home moves. However, home movers there made up 44% of all house purchases, a slight dip from last year.
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Detached Homes: The Top Choice
Detached homes are clearly the belle of the ball, making up 33% of mortgages compared to 29% a decade ago. In the East Midlands, this figure skyrocketed to 50%, a 10 percentage point increase since 2014.
Further north, semi-detached homes were the go-to choice in the North West (36%) and Yorkshire and The Humber (35%). Terraced properties, once popular among movers, have now become the darling of first-time buyers, dropping from 24% in 2014 to 19% in 2024. Only in Greater London do terraced homes (27%) and flats (46%) outshine detached homes for movers.
Who's Moving?
The average age of a home mover is now 40, a year older than last year, with the oldest movers in the South West averaging 41 years. Movers are paying slightly less to climb the property ladder at £392,107, down 6% but still 20% more expensive than five years ago. The average deposit has also increased by 22% over the past five years to £129,951, aligning with home mover house prices.
Expert Insights
Amanda Bryden, 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. 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."
Bryden also highlights the positive impact on first-time buyers, as the turnover of property stock frees up more homes for them to start their home ownership journey.
So, if you’re thinking of moving, now might be the perfect time to find that dream detached home!
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