The comparison site for home movers, reallymoving, has revealed 10 statistics that tell us what happened in the housing market during 2024, including where people moved to, how far they went and what it all cost.
+ The busiest day of the year to move home was the last Friday in May, the 31st, when more than 20,000 home moves took place in the UK compared to an average of 5,000 a day normally. The Friday of the August bank holiday is usually the busiest day to move, but this year’s July General Election reduced transaction levels during late spring and early summer, meaning August moves were reduced. Friday was the most popular day of the week to move, chosen by 26% of all movers, allowing time for unpacking over the weekend.
+ Home movers in 2024 moved shorter distances than last year. The median distance moved by all home movers, including renters, was just 12 miles compared to 15 miles in 2023. On average they paid £697 for removals services.
+ The top location chosen by home movers in 2024 was central Birmingham, with the ‘B’ postcode alone attracting 2.87% of all movers throughout the year. Home to a growing number of global finance, science and tech businesses, the UK’s second city is fast becoming a hotspot for young professionals.
+ Despite the significant affordability challenges they face, first-time buyers accounted for 59% of all home movers this year, up from 54% in 2023. They paid £279,792 on average for their first home, with 11.5% choosing a new build and 7.9% using a Shared Ownership scheme – down from 8.7% in 2023.
+ Keen to reduce their outgoings and free up equity to finance retirement and help children and grandchildren, downsizers accounted for 26% of all home mover activity during 2024. They released £134,000 of equity on average across the UK. Downsizers were most active in the South West, accounting for 33% of all home moves in the region.
+ The cost of an extra bedroom was cheapest for those upsizing from a 1-bed to a 2-bed property, who had to find an additional £72,591 on average. Those moving from a 2-bed to 3-bed paid an extra £84,244, whilst the jump from a 3-bed to 4-bed cost movers £142,805.
+ The easing of mortgage rates during 2024 resulted in fewer cash buyers in the market. The proportion of buyers funding their property purchase entirely with cash fell by just over a fifth from 24.1% in 2023 to 19.2% in 2024.
+ The East of England benefited from the highest net migration of any UK region, with a share of 12.4%. Of all the home movers who moved to a new region, the East attracted the highest share of people after accounting for those who moved out, as lower house prices and the work from home revolution helped open up the market.
+ At the other end of the table is London, which saw the highest volume of outward migration of any region. 39% of people moving in London left the region altogether, as record high rents, the cost of living and sustained high levels of home working proved to be significant push factors for people to seek cheaper properties to rent and buy elsewhere.
+ The cost of moving home in 2024 was £13,978 for someone buying and selling at the same time, including conveyancing, a survey, estate agent fees, an EPC, Stamp Duty and removals. First Time Buyers meanwhile paid £2,186 in upfront costs to buy their first home.
Rob Houghton, founder and CEO of reallymoving, said: “Despite significant affordability challenges, first-time buyers managed to grow their market share this year, driven in part by record high rents forcing them out of the rental sector and into home ownership, many of them supported by the Bank of Mum and Dad. We expect first-time buyer activity to reduce in 2025, when higher stamp duty bills kick in in April, forcing people to save for longer.
“While people moved shorter distances overall, of those who did move between regions, the East of England attracted the most inward migration, followed by the South East and South West, with Birmingham taking the crown as the most popular location to move to in the UK. London continued to see the largest outward migration of any region, as rents and house prices remain stubbornly high and home working continues to allow greater flexibility and choice when deciding where to live.”
