The number of people moving home fell by 4 percent in 2016, the first fall in five years according to the Lloyds Bank Homemover Review.
The number of home movers was approximately 354,0001 in 2016, down from 367,300 in 2015.
Andrew Mason, director at Lloyds Bank Mortgages, said the fall came despite favourable economic conditions including record low mortgage rates, high employment levels and rising real pay growth.
"Whilst higher prices will have lifted equity levels for many current owners, the low availability of the ’right type‘ of homes for those looking to move up the housing ladder may have constrained market activity," he said.
“The ability of home movers, particularly those in their first homes, to move on is an important component in the housing market as it increases the supply of properties, providing homes for new first-time buyers.”
The Lloyds Bank Homemover Review found that the average house price increased by 7 per cent from £273,510 in 2015, to a record high of £291,7773 in 2016.
Since falling to £199,645 at the depths of the housing downturn in 2009, the average price has grown steadily by 46 per cent (£92,000).
London buyers have seen the average price rise by 75 per cent (or £240,977) to £560,946 which is £165,407 higher than the second most expensive region, the South East (£395,538).
