Homemovers at highest level in 10 years – thank the first time buyers.
Data from Lloyds bank has revealed the UK is on the move. According to figures the number of people moving house is at the highest level in 10 years!
The increase in homemovers could be a result of continued low mortgage rates and a high demand for homes, making it easier for homemovers to take their next step onto the property ladder.
(Related post: Remortgage approvals at highest rate since 2008)
Since the market low of 315,000 in 2009, the number of homemovers has grown by 18%, however this is still 43% below the numbers seen in 2007.
House price increases will have boosted equity for many homeowners, enabling more movement along the housing ladder. Perhaps the most important change is the increase in numbers of first time buyers – this is particularly encouraging when you take into consideration the barrier of property prices, as well as the initial deposit required to secure it.
(Related post: Factors influencing the UK property market in 2018)
Market uncertainty has put many off from commiting to a sale in fear of cashing out too early. It’s the increasing level of first time buyer demand that has kept the market ticking over as a result of the apparent aspiration to become homeowners, and not their desire to profit from their existing home.