UK WITNESSES SURGE IN HOME OWNERSHIP THANKS TO LOW MORTAGE RATES

The number of people purchasing their home in the UK is at its highest level since 2007 - everywhere except London

By the end of 2017, the UK had an impressive 370,3001 home movers - the highest number in the past decade - increasing more than 2% in just the past 12 months, according to the latest Lloyds Bank Home Mover Review.

Since hitting a market low of 315,000 in 2009, the number of people moving home has grown by 18% (or 55,300), but the current number is still 43% below the level of 653,700 seen in 2007.

Experts believe this slight increase in home movers could be a result of continued low mortgage rates and high demand for homes, which have made it easier for them to take the next step on the housing ladder.

“We've seen a slight increase in the number of home movers following a weak 2016,” says Andrew Mason, Lloyds Bank mortgage products director. “This could be down to low mortgage rates, rising house prices and high employment levels."

“House price increases will have boosted equity levels for many home owners, enabling movement along the housing ladder. For the first time, those moving home are choosing to pay an average deposit of over £100,000, with Londoners putting down nearly double this.

"Taking advantage of increased equity levels by putting down a bigger deposit can really make a big difference towards what is affordable and can be the difference between a good home and the right home.”

But Greater London has bucked the trend the rest of the UK has set, as numbers have declined in the past year. High house prices in London have adversely impacted the market in the capital, as the average price paid has grown by 59% since 2012 to £568,816, the highest in the UK.

In light of this, the number of home movers in the capital fell by 6% to 22,600 in the past year – the only region to have a decline in numbers.

The South East region has the highest number of home movers at 65,400 - more than double the next highest region, South West with 27,500. Northern Ireland has the lowest number at 4,400.