Highest number of homemovers in 10 years according to Lloyds Bank.
According to the latest Lloyds Bank Homemover Review, the number of people moving home is at its highest level since 2007 with over 370,300 homemovers. Greater London is the only region to see a fall in the number of homemovers in the past year.
The review reveals that the average homemover house price in 2017 increased by almost £6,000 to £296,731 compared to 2016.
Homemover prices and deposits rise to record levels according to the Lloyds Bank Homemover Review. The average deposit put down by a homemover has also increased by 45% in the past five years, from £69,089 in 2012 to £100,387 in 2017.
Andrew Mason, Lloyds Bank mortgage products director, said:
“We’ve seen a slight increase in the number of homemovers following a weak 2016. This could be down to low mortgage rates, rising house prices and high employment levels.
“House price increases will have boosted equity levels for many home owners, enabling movement along the housing ladder. For the first time, homemovers are choosing to pay an average deposit of over £100,000, with Londoners putting down nearly double this. Taking advantage of increased equity levels by putting down a bigger deposit can really make a big difference towards what homemovers can afford and can be the difference between a good home and the right home.”
Read the latest Lloyds Bank Homemover Review released 17th January 2018 in full click here.
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