First-time buyers overtake homemovers for the first time in 25 years
September 7, 2018
According to research by Lloyds Bank, the number of people moving up and down the property ladder dipped in the first six months of 2018 to account for 49% of the housing market, and for the first time in 25 years, first time buyers have overtaken the number of people moving home.
In the first six months of 2018 there were 170,000 UK homeowners, a drop of 16% from the second half of 2017 and a 1% fall compared with the same period last year.
The decline in people trading up and down the property ladder this year coincided with a 3% annual rise in the number of first time buyers to 175,000.
This means for the first time since 1995, 49% of all house purchased financed by a mortgage were made by homemovers, down from 62% at the beginning of 2011. The homemover market stabilising may be partially due to the Help to Buy scheme enabling first-time buyers to purchase new property, combined with low availability of the ‘right type’ of homes for those looking to move up the housing ladder.
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