First-time buyers now driving housing activity according to Lloyds Bank Homemover review
The number of people moving home has dipped in the first half of the year and now account for only around half (49%) of the housing market – the first time homemover numbers have fallen behind first-time buyers since 1995, according to the latest Lloyds Bank Homemover Review.
The Homemover review reveals that there were 170,000 UK homemovers in the first six months of 2018 – a slight fall compared to the first half of 2017.
Andrew Mason, Lloyds Bank mortgage products director, said:
“Despite continuing low mortgage rates, the homemover market has stabilised with little movement in the first half of this year to leave first-time buyers now driving housing activity. This may be in part due to the Help to Buy scheme enabling first-time buyers to purchase a new property, combined with the low availability of the ‘right type’ of homes for those looking to move up the housing ladder. The costs of moving house and potential further interest rate rises may also be weighing on potential homebuyers’ minds.
“However, it is good to see the number of first-time buyers increasing, helping to keep some movement along the property ladder.”
Read the Lloyds Bank Homemover Review published 20th July 2018 in full click here.