The number of home movers reached 370,300 the highest level for 10 years thanks to low mortgage rates and demand for homes.

Research from Lloyds Bank has revealed homeowners are more willing to move home than at any point since 2007 with average deposits exceeding £100,000 for the first time.

The number of home movers has increased 2% reaching 370,300 in 2017 with an average price paid for a property at £296,731, increasing by £6,000 over the last year.

Continued low mortgage rates and high demand for homes have made it easier for home movers to take the next step on the housing ladder.

Deposits for new home at record high

Average home mover deposits across the country have increased 44% in the past five years from £69,089 in 2012 to a new record high of £100,387.

The following table from the Lloyds Bank shows average house prices and deposits paid by home movers during 2017.

Region	Average price	Average deposit
Greater London	£568,816	£196,535
South East	£407,386	£145,124
South West	£306,209	£111,386
East Anglia	£296,789	£110,321
West Midlands	£249,169	£81,237
East Midlands	£238,378	£77,269
Yorks and the Humber	£216,903	£69,127
Wales	£222,872	£67,410
North West	£222,872	£67,293
Scotland	£205,989	£64,486
North	£189,047	£57,932
Northern Ireland	£146,878	£46,032

Londoners require the largest deposit of £196,535 to buy their next home, which is four times the average deposit of £46,032 a home mover has in Northern Ireland.

Although Londoners pay the highest deposit in monetary terms, this is 35% of average house price whereas home movers in East Anglia pay the largest deposit as a proportion of 37%.

Andrew Mason Lloyds Bank mortgage products director said, taking advantage of increased equity levels with a bigger deposit makes a big difference between a good home and the right home.

Home movers are half 2007 levels

The number of home movers hit a market low of 315,000 in 2009 following the financial crisis and has recovered by 18% or 55,300 to the current level of 370,300.

However, this remains 43% below the level in 2007 when the numbers moving home were at 653,700 whereas first time buyer numbers were 359,900 in 2007 reducing to a low of 192,300 in 2008.

With the benefit of the government’s Help to Buy scheme the number of first time buyers has since recovered to 359,000 per year.

The price a home mover pays for their new home has increased over the last five years by 44% from £205,852 to an average £296,731 last year.

In London, the average price a home mover pays for a property has increased by 59% from £357,114 five years ago to £568,816 and this may have impacted the market with home movers reducing 6% or by 22,600 in the past year.

Homeowners that decide not to move, higher prices give the remortgage buyer an opportunity to release capital which they can use to improve their home.

For older homeowners with considerable value in their property allows the equity release buyer to access wealth using a lifetime mortgage and used for home and garden improvements or pay for care at home.

What are your next steps?

Speak to our LCM mortgage advisers if you are planning to move home, buying your first home, remortgaging your existing home to a new cost effective mortgage deal or are a buy-to-let investor.

Start with a free mortgage quote or call us and we can take your details. Learn more by using the mortgage coat calculators, equity release calculator and property value tracker chart.

For equity release buyers our London City Mortgage brokers can recommend lifetime mortgages allowing you to receive cash from your property to help children start or expand a business or even buy a more expensive home.

Use your dashboard to access online mortgage quotes, money off vouchers and start your mortgage application online 24/7 on desktop, tablet or smartphone.