Home movers favouring detached properties as market grows

The number of people moving home increased by 10% in the first half of 2024, with detached properties the most popular, according to the latest Lloyds Bank Home Mover Review.

In the first six months of this year the number of home moves recorded was 126,884, compared with 115,530 during the same period in 2023.

Greater London saw the largest growth in home moves into or around the capital, as 16% more or 10,650 made a house move, perhaps as continued return to office working lent city living a greater appeal.

The South East had the largest number of home movers across the UK, as 28,828 moved home in the first half of this year, 13% more than the same period last year.

Scotland also had a high number of home movers (13,003), although this was up a more modest 3% when comparing the first six months of 2024 to 2023. However, home movers made up 44% of all house purchases, falling two percentage points on the first half of 2023.

Detached homes were the most popular among movers, Lloyds Bank said,  making up 33% of mortgages compared with 29% 10 years ago. 

In the East Midlands, this increased to half (50%) of all house purchases, up 10 percentage points when compared to 2014.

Further north, semi-detached homes were the most common choice for movers in the North West (36%) and Yorkshire and The Humber (35%)

Over the past 10 years, terraced properties have decreased in popularity for movers as they have been increasingly seen as a good option for those buying their first home. People choosing a terraced home as their next house move declined from 24% in 2014 to 19% in 2024. Only in pricey Greater London are terraced homes (27%) and flats (46%) more popular than detached for home movers. 

The average age of a person moving home is now 40, a year older than 12 months ago, with the oldest home movers in the South West, at an average age of 41.

Home movers are now paying slightly less to move up the ladder at £392,107, down 6% but stull 20% more expensive than five years ago, Lloyds said.
The average deposit amount for a home mover has also increased over the past five years by 22%, to £129,951 on average, largely in line with home mover house prices over the same period. This means movers have equity in their new home to the value of around 33% of the property price - in the South West, Scotland and Northern Ireland this rises to 35%.  

Amanda Bryden, head of mortgages at Lloyds Bank, said: “Moving home can be an exciting step for many, with people choosing to move for a whole host of reasons - seeking a different lifestyle, relocating for a job, needing more space for growing families or simply looking for a change of scenery.

“The home mover market has had a positive first half of this year, with an increased number of people making a move, in a sign buyer confidence is improving. Six out of 10 movers have chosen detached or semi-detached properties, as larger living areas make them a popular choice as people seek more space and privacy.

“Looking across the wider home-buying market, this also signals positive news for first-time buyers – while turnover of property stock helps homeowners take the next step the property ladder, it also frees up more properties, like terraced houses, for first time buyers to start their home ownership dream.”