The number of people moving home increased by 10% in the first half of 2024, according to the latest Lloyds Bank Home Mover Review.
In the first six months of this year the number of home moves recorded was 126,884, compared to 115,530 during the same period in 2023.
The South East had the largest number of home movers across the UK, as 28,828 moved home in the first half of this year, +13% more than the same period last year.
Scotland also had a high number of home movers (13,003), although this was up a more modest 3% when comparing the first six months of 2024 to 2023.
Greater London saw the largest growth in home moves into or around the capital, as 10,650 (+16%) made a house move.
Home movers made up 44% of all house purchases, falling two percentage points (pp) on the first half of 2023 (46%).
Detached homes are the most popular among people moving home as buyers seek more privacy and space, as this property type made up 33% of all home mover mortgages, compared to 29% ten years ago. In the East Midlands, this increased to half (50%) of all house purchases, up 10pp when compared to 2014.
Further north, semi-detached homes were the most common choice for movers in the North West (36%) and Yorkshire and The Humber (35%).
Over the last ten years, terraced properties have decreased in popularity for movers. People choosing a terraced home as their next house move declined by 5pp – from 24% in 2014 to 19% in 2024. Only in pricey Greater London are terraced homes (27%) and flats (46%) more popular than detached for home movers.
Home movers paid an average house price of £392,107, -6% during the last year but 20% more than five years ago (£327,112). Almost all regions within the UK saw a drop in prices over the last year, with Northern Ireland the only region or nation to see home mover house prices increase, as the average price tag in the country is now £257,611, 3% higher than in 2023 (and 38% more than five years ago).
The average deposit amount for a home mover has increased over the last five years by 22%, to £129,951 on average, largely in line with home mover house prices over the same period (+20%). This means movers have equity in their new home to the value of around 33% of the property price – in the South West, Scotland and Northern Ireland this rises to 35%.
The average age of a person moving home is now 40, a year older than 12 months ago, with the oldest home movers in the South West, at an average age of 41.
Commenting on the figures, Amanda Bryden, head of mortgages at Lloyds Bank, said: “Moving home can be an exciting step for many, with people choosing to move for a whole host of reasons – seeking a different lifestyle, relocating for a job, needing more space for growing families or simply looking for a change of scenery.
“The home mover market has had a positive first half of this year, with an increased number of people making a move, in a sign buyer confidence is improving. Six out of ten movers have chosen detached or semi-detached properties, as larger living areas make them a popular choice as people seek more space and privacy.
“Looking across the wider home-buying market, this also signals positive news for first-time buyers – while turnover of property stock helps homeowners take the next step up the property ladder, it also frees up more properties, like terraced houses, for first-time buyers to start their home ownership dream.”
Tom Bill, head of UK residential research at Knight Frank, commented: “Transaction volumes have risen as mortgage rates come down from the highs seen following the mini-Budget and during 12 months of double-digit inflation.
“However, with rates still relatively high, buyers have been largely motivated by factors like requiring more space, changing school or moving jobs and those with more equity have been at an advantage, which explains the rising demand for detached houses.”
