Coronavirus market impact – house moves down by a third
Coronavirus market impact: The number of people moving home dropped by almost a third in the first half of 2020, as the global pandemic temporarily halted the property market.
In the first six months of this year, 106,985 people moved house in the UK, down 48,535 or 31 per cent compared with the same period in 2019, according to the Lloyds Bank Home Mover Review.
This is the fourth consecutive annual fall and the greatest decline since the 2008 banking crisis.
In the past decade, the volume of home movers was at its highest peak in the first half of 2016 when 167,820 people moved to another property.
All UK regions have seen the number of movers fall in the first half of 2020.
Greater London was the smallest – down 25 per cent – and Scotland the largest by 37% when compared to the same period in 2019.
Home movers account for 48 per cent of the housing market and that share has dropped below first-time buyers for the third consecutive year.
Back in 2010, 62 per cent of buyers were those moving up the ladder as opposed to first timers.
The bank’s data suggests home movers are getting younger with an average age of 39 now, compared to 42 in 2010.
The oldest home movers are in the East Midlands and Scotland (both 40) and the youngest are in London (37).
Detached and semi-detached homes are the most popular home mover property types, with a 30 and 29 per cent share respectively.
Over the past 10 years, detached homes have increased in popularity with home movers from 21 per cent in 2010 to 30 per cent now.
And over the same period, the proportion of flats purchased has decreased by to nine per cent and terraced houses down to 23 per cent.
Kindly shared by Estate Agent Today
Main article photo courtesy of Pixabay