This year we have seen the highest number of people move home since 2007.
According to the figures released by Halifax, the number of people who moved home went up by an incredible 132% to 265,070 from January to June this year. Compared to last year, this is a rise of 151,040 transactions in the first six months of when 114,030 home moves took place.
In the 12 months to June 2021 there were 461,010 home moves which is an increase of 50% on the previous 12 months. In fact, the number of people that moved home in the last year is nearly 100,000 more than at any time in the last 10 years.
This spike in numbers comes after years of a levelling out of the market with 2007 showing the highest numbers at 716,6502.
It appears that first-time-buyers have returned to the market in large numbers as the first half of the year showed 210,900 transactions. This is up by 74% compared to the same period in 2020. Those purchasing their first home accounted for nearly half of all sales.
In terms of regional variations, there was a doubling of the number of home movers, but Scotland saw an increase at 86%.
In terms of property types, space is the biggest driver for those wanting to move. Although life is getting back to normal, many companies are moving towards a hybrid model whereby staff work at home part-time. In addition, with lockdowns still fresh in our minds, people want readily available access to outside space. As a result, detached homes were the most popular for movers, marginally beating semi-detached properties.
On average, home movers put down a deposit of 35% of the purchase price. Average deposits were worth at least 30% of the property in all UK regions.
As one of West of Scotland’s longest established estate agents, Caledonia Property has helped locals buy, rent, let and sell properties quickly, and with the minimum of hassle. Get in touch with our team on 0333 241 3333 today or send us a message to find out more.