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Home movers ‘spend £135,000 more stepping up property ladder than a decade ago’

UK News | Published:

The average house price paid by home movers has surged by £134,598 compared with 2009, Lloyds Bank said.

The average house price paid by home movers has surged by almost £135,000, or more than two-thirds, during the past decade, a report has found.

Across the UK, home movers paid £330,984 on average in 2019, up by 69% from £196,386 in 2009, a rise of £134,598, Lloyds Bank found.

Those moving home in London are paying £641,118, 103% more than back in 2009, when they would have spent on average £315,707 to buy in London.

People are also taking larger amounts of equity with them as they step up the property ladder.

Home movers put down average deposits of nearly £100,000 in 2019, a hike of over £27,000 compared with £72,075 a decade ago, the research found.

Londoners require the largest deposit of £197,700 towards a purchase, nearly double the average home mover deposit of the UK of £99,515.

Lloyds estimated there were 347,758 home movers purchasing with a mortgage in 2019 – up by 13% since 2009, but down by 1% on 2018.

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Northern Ireland has seen the greatest increase in the number of home movers with a 47% hike over the course of the decade while the average house price paid there has grown by 15%.

In the South East of England, the number of home movers has barely increased at 1%, likely due to the the average home mover house price in the area having grown 85% over the same time period, Lloyds said.

Andrew Mason, mortgage director at Lloyds Bank, said: “We’ve only seen a small increase in the number of people moving home over the last decade, with rising house prices likely to be the main reason for the slowdown.”

He continued: “There are still areas that offer promising opportunity for home movers, with Northern Ireland and Scotland in particular looking more affordable.

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“However, it’s clear that the main challenge of raising sizeable deposits is not limited to first-time buyers.”

Here are average home mover house prices in 2019 followed by the average deposit and the deposit as a percentage of the purchase price, according to Lloyds Bank:

– North East, £207,477, £56,488, 27%

– Yorkshire and the Humber, £237,442, £66,183, 28%

– North West, £251,572, £69,065, 27%

– East Midlands, £262,479, £74,510, 28%

– West Midlands, £282,445, £81,912, 29%

– East Anglia, £320,710, £107,191, 33%

– Wales, £225,711, £63,489, 28%

– South West, £331,437, £105,703, 32%

– South East, £457,043, £139,786, 31%

– London, £641,118, £197,700, 31%

– Northern Ireland, £191,286, £57,554, 30%

– Scotland, £220,241, £67,766, 31%

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