Home movers paid £52,000 more in 2015 than five years ago
According to a new report conducted by Llyods Bank, it’s becoming more expensive for existing homeowners in the UK to move home.
The report found that in 2015 home movers in the UK paid just over £52,000 extra, on average, than what they would have had to pay five years ago.
In the first six months of the year the average price paid for a property by someone already on the property ladder moving home was £261,524. This is 25 per cent, or £52,870, higher than what the average mover paid for in 2010.
In 2015 the average deposit put down by a home mover was £87,954, about 8 per cent, or £6,405, higher than last year.
Around 155,000 homeowners moved to another home in the first six months of the year, which is 9 per cent lower compared to the first six months of 2014, but still 32% higher than in 2009 when the housing market was at the peak of its slump.
“While the number of home movers has risen significantly since 2009, it remains well below previous levels and has recovered less strongly than first-time buyer numbers,” said Andrew Mason, mortgages director at Lloyds Bank.
“This is likely to partly reflect the high costs associated with moving home, as well as highlighting the difficulties that homeowners can face in finding somewhere suitable to move to due to the shortage of properties available for sale.”