Good news for buyers and sellers! The property market is showing signs of life again, with more people moving home and prices stabilising. Could this be the turning point everyone’s been waiting for?

According to a new report by mortgage giant Lloyds Bank, the number of people moving home in the UK has jumped by 10% this year. Experts are hopeful that this positive trend, coupled with potential interest rate cuts next month, could lead to a much-needed boost in the property market.

More Space, More Freedom: Detached Homes Are Top Choice

The report, which analyses data from the first half of 2024, reveals a growing appetite for larger homes. 33% of all home purchases by movers were detached properties, suggesting a desire for more space and perhaps a renewed confidence in upgrading to a ‘forever home’.

Key Figures:

• 126,884 home moves recorded in the UK in the first half of 2024 – a 10% increase compared to the same period last year.
• London saw the biggest jump in home movers, with a 16% increase.
• The South East remains the busiest region for movers, with 28,828 people relocating.

Price Drop Offers Opportunity, But Market Remains Strong

While the average house price for movers has dipped slightly by 6% to £392,107 over the past year, this figure still represents a substantial 20% increase compared to five years ago. This suggests that while there are opportunities for buyers, the market remains robust.

Northern Ireland stands out as the only region where average home prices for movers actually increased, rising by 3% to £257,611 – a remarkable 38% surge compared to five years ago.

Other Interesting Findings:

• The average age of a home mover in the UK is now 40.
• The South West has the oldest average home mover age at 41.
• Terraced houses, once a popular choice, have seen a decline in popularity, dropping from 24% of mover purchases in 2014 to just 19% in 2024. However, they remain a favourite among first-time buyers.
• London bucks the trend, with flats (46%) and terraced houses (27%) remaining more sought-after than detached homes for those moving within the capital.

Expert Opinion:

Amanda Bryden, head of mortgages at Lloyds Bank, commented: “The home mover market has had a positive first half of this year, with an increased number of people making a move, in a sign buyer confidence is improving.”

She added that this increased activity is good news for first-time buyers as it frees up more properties, particularly terraced houses, for those looking to step onto the property ladder.