Over the past 10 years the number of people moving home has only risen by 13%. According to new Lloyds Bank, this is due to deposit costs and rising house prices.
In 2019, nationally there was 347,758 home movers a slight increase from 2009 where there were 308,300.
The average house price in 2019 was £330,984 a 70% rise from 2009’s average of £196,386. Lloyds Bank found that home buyers are paying £134,598 more for a UK property.
This has resulted in the average deposit being nearly 40% more and home movers are now having to find a deposit of nearly £100,000 compared to £25,000 in 2009.
Home movers in London have dropped by 25% over the last 10 years and London buyers have seen next time purchases more than double from £315,707 to £641,118. Which an average deposit of £197,000 is required.
This is perhaps an unfair comparison given that in 2009, house prices were disproportionately lower given the credit crunch crisis of 2008/09.