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The number of existing homeowners moving properties increased by around 10% in the first half of 2024, compared with the same period the year before, according to a major bank.
Across the UK, there were 126,884 mortgaged home movers in the first six months of this year, compared with 115,530 during the same period in 2023, the Lloyds Bank Home Mover Review estimated.
The average home mover is aged 40 and around one in three movers buy detached homes, Lloyds found.
This also signals positive news for first-time buyers— Amanda Bryden, Lloyds Bank
The research was based on data from the Halifax housing statistics database as well as data from UK Finance.
Halifax is part of Lloyds Banking Group.
Home movers typically have equity in their new home to the value of around a third (33%) of the property price, according to the report.
Amanda Bryden, head of mortgages at Lloyds Bank, said: “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 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.”
Nathan Emerson, chief executive of Propertymark, said: “Propertymark is keen to see a ‘connected communities’ approach that ensures new houses are targeted at the right areas at the right time.”
