Yahoo Finance Number of homemovers is at the highest level in 10 years
The number of homeowners moving house is at the highest level in 10 years, according to analysis by Lloyds Bank, despite warnings that the level of transactions has slumped.
Lloyds found that the number of homeowners getting a mortgage for a new home increased by 2pc to an estimated 370,300 last year, up from 361,300 in 2016.
This particular part of the market has been stimulated by continued low mortgage rates and higher demand for homes. But it is still 43pc below the the pre-crash peak of 653,700 in 2007.
The estimated total number of mortgages last year was also the highest since 2007, at 729,300. This is up 4.1pc from 700,800 in 2016, and 18pc higher than the low in 2009, but far below the peak 10 years ago at 1.0138m.
Andrew Mason of Lloyds Bank, said: “We’ve seen a slight increase in the number of homemovers following a weak 2016. This could be down to low mortgage rates, rising house prices and high employment levels.
“House price increases will have boosted equity levels for many home owners, enabling movement along the housing ladder. For the first time, homemovers are choosing to pay an average deposit of over £100,000, with Londoners putting down nearly double this."
The capital was the only area of the UK where there was a decline in the amount of mortgages secured by homemovers - down 6pc last year as the market slowed due to a crunch on affordability and a slump in transactions.
Just beyond London, the south-east had the highest proportion of homemovers, at 65,400, which was more than double the next highest region, the south-west.
The number of first-time buyers was also the highest in a decade, with just 900 fewer than in 2007 according to the analysis by Lloyds. There was a 6pc jump last year in the amount of mortgages taken out by buyers getting on the housing ladder, though this was a slowdown from the 10pc leap recorded in 2016.
