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Gumersalls Solicitors Epsom News

The number of people moving home has fallen behind first-time buyers (FTBs) for the first time since 1995, with homemovers now accounting for 49 per cent of the housing market.

This is according to the latest Lloyds Bank Homemover Review, revealing that there were 170,000 homemovers in the first half of the year – a drop of one per cent on the same period last year and a fall of 16 per cent on the second half of 2017.

Mortgage products director with Lloyds Bank Andrew Mason explained that despite low mortgage rates, the homemover market has stabilised, with FTBs now propelling housing activity instead. He put this down in part to the Help to Buy scheme, which is allowing FTBs to buy new properties, coupled with a lack of the right kind of properties for people keen to move up the ladder.

“The costs of moving house and potential further interest rate rises may also be weighing on potential homebuyers’ minds. However, it is good to see the number of [FTBs] increasing, helping to keep some movement along the property ladder,” he went on to say.

Further research from Lloyds Bank, published earlier this month, also revealed that a third of Second Steppers – those looking to take their second step on the property ladder – need an average of £25,450 in support from friends and family members in order to climb up.

Almost half of parents plan to downsize in order to help their offspring further invest in property and some 58 per cent of Second Steppers admit that they wouldn’t be able to move up without generous friends and family.

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