The stamp duty holiday last year produced bumper demand from home movers now down a third but still above pre pandemic levels.
The number of home movers reduced by -35% or 172,510 in the first half of 2022 compared to last year at 266,270 due to the UK Government’s Stamp Duty holiday, according to Halifax.
Greater London experienced the largest fall in people moving home around the capital down -45% with only 13,765 for the first half of 2022 and the South East was similar at 43%.
All regions of the had lower home mover numbers in 2022 with the smallest reduction in Scotland at -13% and numbers of 15,000, higher than Greater London.
Home mover demand remains high
Demand remains above pre pandemic levels and makes up 47% of all house purchasers whereas 2021 was a bumper year with 133% more home movers and 56% of the market.
This table from Halifax shows the number of home movers in the first half of each year in the last ten years and annual percentage change.
| Year H1 |
House movers | Annual change |
|---|---|---|
| 2012 | 147,950 | 11% |
| 2013 | 138,050 | -7% |
| 2014 | 164,260 | 19% |
| 2015 | 150,970 | -8% |
| 2016 | 167,350 | 11% |
| 2017 | 163,710 | -2% |
| 2018 | 159,810 | -2% |
| 2019 | 155,650 | -3% |
| 2020 | 114,040 | -27% |
| 2021 | 266,270 | 133% |
| 2022 | 172,510 | -35% |
With the Government introducing the Stamp Duty holiday the numbers of home movers increased to 266,270 and first time buyers up 75% to 211,630 in the first half and down only -8% on last year.
The current number of home movers at 172,510 remains higher than the pre pandemic level of 155,650 in the first half of 2019 and just behind the 2018 high of 178,790.
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The most popular property types selected are detached at 29% of all home movers and semi-detached at 28% with detached homes increasing in popularity from 22% in 2022.
For detached homes the highest proportion from all regions is East Midlands with 42% of home movers choosing this property type and East Anglia 40%.
In contrast for Greater London the most popular property type are flats with 35% of all property types followed by terraced with 33% and detached homes is only 9% as space is a premium in the capital.
House prices and deposits rise
Average house prices for home movers have increased by 5% over the year and 42% or £119,025 higher over 5 years with property values currently averaging £403,163 in 2022.
The biggest rise by region is 48% for Wales and Northern Ireland followed by the North West, East Midlands and West Midlands rising 45%.
The largest gains by value are in London rising over 5 years by 32% or £179,244 to an average values of £733,628 and the South East up 38% or £149,582 and values of £542,807
These equity gains allow equity release buyers to access cash using a lifetime mortgage and gift to children and grandchildren if they need additional funds for a deposit on a property.
Deposits have increased for home movers bringing equity of 33% or £134,108 when buying a new home compared to 5 years ago at £98,21.
The largest deposit is for London requiring a 34% deposit or £248,379 compared to the South East at 33% or £181,228 whereas first time buyers need an average deposit of 20%.
What are your next steps?
Speak to our LCM mortgage advisers when trading up to a more expensive home and need a competitive mortgage deal. Learn more by using the property value tracker chart and equity release calculator.
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If you use equity release to give a deposit to a child or grandchild, we can recommend lifetime mortgages so begin your equity release quote for the latest provider offers.
