2017 sees highest number of homemovers in nine years
17 January 2018
- 25,5001 people moved house in Scotland in 2017, the largest amount since 2008.
- Average house price paid by homemovers increased by almost a quarter (23%) in the last 5 years to £205,9892.
- Average deposit a Scottish homemover pays has risen to £64,486.
The number of people moving home in Scotland is at its highest level since 2008. The number of homemovers - current homeowners moving house - across Scotland increased by 8% to 25,500 in the past year, according to the Bank of Scotland Homemover Review.
This increase could be a result of continued low mortgage rates and high demand for homes, enabling homemovers to make their next step on the housing ladder.
Since hitting a market low of 20,100 in 2009, the number of homemovers in Scotland has grown by 27% (or 5,400). However, the current number is still just under half the pre-crisis level of 49,500 in 2007. (Table 1)
Graham Blair, Bank of Scotland mortgage director, said:
“The number of homemovers is at a nine year high but these current figures are still well below levels seen in 2008. Continued low mortgage rates, rising house prices and high employment levels no doubt have had a positive impact in recent times.
“The Scottish housing market hasn’t quite seen the same increases in average house prices and deposits seen across the rest of the UK. However, an increase of 23% in both house prices and deposits for homemovers in the last five years has still had a huge impact on those looking to move home.”
Homemover prices and deposits rise to record levels, but below the UK average
Over the past five years, the average price paid by homemovers has grown by 23% from £167,243 in 2012, to £205,989 in 2017. In percentage terms, this is the lowest increase in the UK. Unsurprisingly, Greater London has seen the biggest increase of 59% over the last five years with average house prices jumping from £357,114 to £586,816. (Table 3)
The average deposit put down by a Scottish homemover has also increased by 23% in the past five years, from £52,307 in 2012 to £64,486 in 2017. This is also the lowest increase in percentage terms across the UK. Londoners require the largest deposit of £196,535 towards the purchase of their next home. (Table 4)