An Estimated 365,400 People Moved Home In Last 12 Months

A new study conducted by Lloyds Bank has revealed the number of home owners making the next move on the property ladder hit a seven-year high in 2014.

The bank estimates that 365,400 people took the opportunity to move home in the last 12 months, due to rising house prices boosting the equity position for many home owners.

Those looking to take their second step on the ladder were the most active, as schemes such as Help to Buy increased the availability of mortgages for first-time buyers ready to purchase starter homes. Lloyds estimate that ‘second steppers’ have an average £76,131 worth or equity sitting in their existing homes, giving them a 25% deposit for their next property.

Home movers in the South West typically put down the largest deposits on their new homes last year, at 36%, followed by those in East Anglia, the South East and London, who all had deposits of 35% on average.

Andy Hulme, Lloyds Bank mortgages director, noted that price rises in 2015 should continue to ease the constraint those who bought their homes in 2006 and 2007 – the peak before the recession – allowing them to make their second step on the ladder.

Expert Opinion

This report suggests the housing market is in good shape, with more and more people in a position to start making their moves up the property ladder. <br/> <br/>“The steady price rises experienced in 2014 and those expected for the early months of this year are enabling second steppers make their move into the next chapter of their lives and into a new home. <br/> <br/>“Buying and selling houses can be a stressful experience so it is important to ensure you have the right support throughout the process to make sure the right legal checks on the property and the local area are carried out, helping home moves run as smoothly as possible.” Helen Hutchison - Partner