The number of people taking the next step on the housing ladder has increased, thanks to a combination of low mortgage rates, high housing equity and high employment.
Figures from Lloyds Bank showed over 370,300 people moved and purchased a new property wth a mortgage in 2017, the highest number in a decade, with the only region to see a fall in the number of homeowners being Greater London.
The average homemover house price in 2017 increased by almost £6,000 to £296,7312 compared to 2016, and the average homemover deposit rose to over £100,000 and close to £200,000 in London.
Andrew Mason, Lloyds Bank mortgage products director, said that the increase could be a result of continued low mortgage rates and high demand for homes, which have made it easier for homemovers to take the next step on the housing ladder.
The increase in 2017 follows a decline in the number of homemovers reported in 2016, which fell for the first in five years.
House price increases will have boosted equity levels for many home owners, enabling movement along the housing ladder.
For the first time, homemovers 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 homemovers can afford and can be the difference between a good home and the right home," Mr Mason said.
