Rising house prices might be causing concern for those trying to get on the housing ladder, but for homeowners looking to move those increased prices are providing a well-earned boost.
Research from Lloyds Bank has revealed that the number of people moving home in 2013 increased by 3% – the second successive annual increase of homemover numbers – with rising house prices giving them more equity and therefore a higher deposit for their next property.
In fact, the average deposit put down by a homemover stood at £76,398 (or 33% of the average price of a new property), an increase of 6% from 2012's figure of just under £72,000. Meanwhile the average price paid for a new property by homeowners has risen to £230,549, an increase of 12% in the past year, despite average property prices rising by just 7.5% in 2013.
It's positive news for homeowners who may have suffered when house prices dropped after the onset of the financial crisis, giving them the opportunity to move up the ladder again.
"This year we'll see Help to Buy enable more homeowners to progress to the next rung of the ladder, and as a result we would again expect the number of homemovers to increase in 2014."
Find the best mortgage deals with our whole of market search
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.