| 15.8°C Belfast

Northern Ireland shows biggest rise in number of those moving home since 2009

Close

The increase in the number of home owners in Northern Ireland moving to a new property over the last 10 years has soared higher than anywhere else in the UK, a report has found

The increase in the number of home owners in Northern Ireland moving to a new property over the last 10 years has soared higher than anywhere else in the UK, a report has found

The increase in the number of home owners in Northern Ireland moving to a new property over the last 10 years has soared higher than anywhere else in the UK, a report has found

The increase in the number of home owners in Northern Ireland moving to a new property over the last 10 years has soared higher than anywhere else in the UK, a report has found.

And the average house price paid by UK home movers has surged by almost £135,000, or more than two-thirds, during the past decade.

Across the UK, home movers paid £330,984 on average in 2019, up by 69% from £196,386 in 2009, a rise of £134,598, Lloyds Bank found.

Those moving home in London are handing over £641,118, 103% more than back in 2009, when they would have spent on average £315,707 to buy in the city.

People are also taking larger amounts of equity with them as they take a step up the property ladder.

Home movers put down average deposits of nearly £100,000 in 2019, a hike of over £27,000 compared with £72,075 a decade ago, the research found. Londoners require the largest deposit of £197,700 towards a purchase, nearly double the average home mover deposit of the UK of £99,515.

Lloyds estimated there were 347,758 home movers purchasing with a mortgage in 2019 - up by 13% since 2009, but down by 1% on 2018.

Daily Headlines & Evening Telegraph Newsletter

Receive today's headlines directly to your inbox every morning and evening, with our free daily newsletter.

This field is required

Northern Ireland has seen the greatest increase in the number of home movers since 2009, according to Lloyds.

There has been a 47% hike over the course of the decade while the average house price paid here has grown by 15%.

Those moving home in Northern Ireland are paying an average of £191,286.

Their average deposit is £57,554 - 30% of the asking price.

In the South East of England, the number of home movers has barely increased at 1%, likely due to the average home mover house price in the area having grown 85% over the same time period, Lloyds said.

Andrew Mason, mortgage director at Lloyds Bank, said: "We've only seen a small increase in the number of people moving home over the last decade, with rising house prices likely to be the main reason for the slowdown."

He continued: "There are still areas that offer promising opportunity for home movers, with Northern Ireland and Scotland in particular looking more affordable.

"However, it's clear that the main challenge of raising sizeable deposits is not limited to first-time buyers."

Average home mover prices and deposit

Average home mover house prices in 2019 followed by the average deposit paid and the deposit as a percentage of the purchase price of the home, according to Lloyds Bank:

  • North East, £207,477, £56,488, 27%
  • Yorkshire and the Humber, £237,442, £66,183, 28%
  • North West, £251,572, £69,065, 27%
  • East Midlands, £262,479, £74,510, 28%
  • West Midlands, £282,445, £81,912, 29%
  • East Anglia, £320,710, £107,191, 33%
  • Wales, £225,711, £63,489, 28%
  • South West, £331,437, £105,703, 32%
  • South East, £457,043, £139,786, 31%
  • London, £641,118, £197,700, 31%
  • Northern Ireland, £191,286, £57,554, 30%
  • Scotland, £220,241, £67,766, 31%

Top Videos



Privacy