Drop in homemovers numbers in first half 2017 compared to same period last year according to Lloyds
Press release Lloyds Bank 21st August headlines ‘Stagnant homemovers market impacts first time buyers.’
According to the latest Lloyds Bank Homemover Review, the number of homemovers – current homeowners moving house – fell by 2% in the first six months of 2017 compared with the same period in 2016. There were 171,300 homemovers in the first half of 2017 compared with 174,300 in the same period last year.
The review states: Flat homemovers market leaves first time buyers driving housing activity.
Andrew Mason, Lloyds Bank mortgage products director, said:
“In the past year, the number of homemovers 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 has meant that homemovers 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.”
Read the latest Lloyds Bank Homemover Review released 21st August 2017 in full click here.
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