The number of home movers hit highest level since financial crisis
Approximately 175,000 home buyers climbed the next step on the UK housing ladder in the first half of 2016, that's comparable to the 2008 level, when 179,800 people decided to move home during the same period. That's also 48% up on the market dip in 2009, when just 117,900 people moved home in the first half of the year.
In the past five years, housing affordability has improved and one of the main reasons for this is longer term mortgages. The number of home movers taking advantage of the 25-35 year mortgage has doubled since 2011 with the help of low mortgage rates and the Stamp Duty changes which have supported the market.
Since 2011, housing affordability has improved in parts of the UK, with the biggest increase in Northern Ireland, north of England and Scotland. In the capital unsurprisingly, the affordability has slumped, as well as the south east.
Moving up the property ladder has shot up in price, with home movers paying out 38% more for a UK property in the first half of 2016, compared to five years ago, an increase of £78,609.
Deposits have also increased with the average having climbed by 32% over the past five years from £72,357 in 2011 to £93,385 this year. The deposit figure is higher in London, buyers that are taking their next step on the capital's housing ladder paid an average deposit of £192,133, this is four and a half times higher than the average in Northern Ireland, the lowest.