2014 saw big increase in home-movers

More homeowners moved in 2014 than in any year since 2007, the latest Lloyds Bank Home-movers Review has revealed.

A total of 365,400 homeowners moved, 8% more than in 2013 and 16% more than in 2009.

However that figure stands at around half the levels between 2004 and 2007 (717,025).

The average deposit for home-movers was £83,302 in 2014 while the typical second stepper's equity rose by over £10,000.

Andy Hulme, Lloyds Bank mortgages director, said: "House price rises over the past 12 months have enabled more homeowners to make the next move on the housing ladder.

"The resulting higher levels of equity in their property are providing homeowners with more funds to finance the purchase of their next home.

"A steady rise in property values in 2015 should further ease the constraint on many of those who bought their first home around the peak of the market in 2006 and 2007, enabling more of them to become second steppers."

Home-movers have actually declined as a proportion of all new mortgage holders from 71% in 2004 to 54% in 2014 due to the quickening first-time buyer market.

Since 2009 the typical price paid by homemovers has increased by more than a quarter (26%) from £199,645 to £252,064 in 2014, inflating by 9% in 2014 alone.

Home-movers in the capital put down the largest deposits of £166,265, more than four times the average put down by those in Northern Ireland at the other end of the spectrum.

Andy Hulme, Lloyds Bank mortgages director, said: "House price rises over the past 12 months have enabled more homeowners to make the next move on the housing ladder.

"The resulting higher levels of equity in their property are providing homeowners with more funds to finance the purchase of their next home.

"A steady rise in property values in 2015 should further ease the constraint on many of those who bought their first home around the peak of the market in 2006 and 2007, enabling more of them to become second steppers."

According to research from BDRC Continental first-time buyers typically stay in their first home for four years and five months, while detached homes are the most popular choice for second steppers.