London house prices up 45pc in five years: Home movers put off as figures soar
The number of people moving home is in decline, new figures out today show.
Rising prices, which many attribute to a lack of house building, may be hindering people from moving up the rungs of the housing ladder, according to the study from Lloyds Bank.
The number of home movers reached 155,000 in the first six months of 2015. This marks a fall of nine per cent on the same period last year.
In Greater London, the average price paid by a home mover has climbed 45 per cent over the past five years, Lloyds Bank said.
The average price paid by someone moving was £492,882 compared with £339,347 in 2010.
People moving to or within London also faced a staggering £175,000 deposit.
The current average London deposit is nearly double the £90,000 national average deposit for home movers.
“While the number of home movers has risen significantly since 2009, it remains well below previous levels and has recovered less strongly than first-time buyer numbers,” said Andrew Mason, mortgages director at Lloyds Bank.
“This is likely to partly reflect the high costs associated with moving home, as well as highlighting the difficulties that homeowners can face in finding somewhere suitable to move to due to the shortage of properties available for sale.”