Homes and Gardens – August 2024

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.

Greater London saw the largest growth in home moves into or around the capital, as 10,650 (+16%) made a house move, perhaps as continued return to office working lent city living a greater appeal.

Home movers made up 44% of all house purchases, falling two percentage points (pp) on the first half of 2023 (46%).

Property types

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.

Semi-detached homes were the most common choice for movers in the North West (36%) and Yorkshire and The Humber (35%)

Over the last 10 years, terraced properties have decreased in popularity for movers as they have been increasingly seen as a good option for those buying their first home.

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.

The cost of moving

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.

Movers getting older
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.

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 – a sign buyer confidence is improving.

“Six out of 10 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 on the property ladder, it also frees up more properties, like terraced houses, for first time buyers to start their home ownership dream.”