The number of people moving home increased for the first time in three years in the first half of 2019. There were 160,540 home-movers in the first half of 2019, up by 810 (1%) compared with the same period in 2018 according to analysis by Lloyds Banking Group.
Home-movers are still behind first-time buyers however where the numbers increased at a slightly higher rate of 7,460 (5%) to 173,790 in the first half of 2019.Regionally, the North, South East and Scotland are seeing falls (between 0.3% and 1.9%) in the numbers of home-movers in the first half of 2019 compared to the same period in 2018. In 2019, four regions have seen increases in the numbers of home-movers by over 2% – North West (15,979 up 2.5%), West Midlands (13,634 up 2.6%) and Northern Ireland (3,280 up 2.5%). The South East has the highest number of home-movers in the UK at 36,316 – this has dipped slightly (0.9%) over the last year and 9.5% below its 2014 high of 40,120.
Over the past five years, the average price paid by home-movers has grown by a staggering £79,627 (32%) to £329,648. The South East has seen the highest growth, from £137,376 (43%) to £460,395 followed by East Anglia (41%), Greater London (37%), the North West and East Midlands (both at 36%). London remains the most expensive home-mover region, almost twice the UK average (£329,648) at £650,510. The least expensive home-mover region is Northern Ireland with an average price of £189,905.
The amount of deposit or existing equity required has increased by 22% over the past five years from £86,398 in 2014 to £105,260 in 2019. In the capital, the deposit required for London homes has increased to more than £200k (£213,907) for the first time, which represents an increase of 26% over the past five years. The next largest deposit amount is in the South East at £150,970 followed by South West (£117,298) and East Anglia (£110,207). All other regions have deposits at less than £100k. Northern Ireland has the least amount of deposit required at £56,763 but has seen the biggest increase over the past five years at 52%.
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