Number of Scottish homemovers falls to five-year low

28 August 2019
- Number of homemovers decline with only 14,662 moving in the first half of 2019
- Average house price paid by homemovers increased by a quarter (24%) in the last decade to £221,515
- Average homemover deposit has risen to £70,332
The number of people moving home in Scotland has returned to levels last seen in 2014, with only 14,662 current homeowners moving home in the first half of 2019.
The latest Bank of Scotland Homemover Review found that during 2019, homemover activity across Scotland dipped as deposits rise and housing availability declines, making it difficult for homeowners to take their next step on the property ladder.
The cost of moving
The average purchase price paid by homemovers in Scotland has grown by 17% over the past five years, from £188,852 in 2014, to £221,515 in 2019. However, this is still well below the UK average which has risen by 32% over five years.
London remains the most expensive homemover region, almost twice the UK average (£329,648) at £650,510. The least expensive homemover region is Northern Ireland with an average price of £189,905.
The South East recorded the biggest increase of 43% over the same time period with East Anglia and Greater London also recording significant increases of 41% and 37% respectively. (Table 2)
The average deposit put down by homemovers in Scotland has also increased by 21% in the past five years, from £58,285 in 2014 to £70,332 in 2019, in line with the average increases across the UK in the same time period (22%). Unsurprisingly, Londoners pay the largest average deposit of £213,907 towards the purchase of their next home. (Table 3)
Graham Blair, Bank of Scotland Mortgages Director, said: “The slow rate of homemovers is a reflection of higher stamp duty charges, as well as potential interest rate rises. There is also low availability of the perfect next home, i.e. an extra bedroom, outdoor space etc. for those looking to move up the housing ladder, which all together are having an impact on the overall number of people moving house.
Despite a dip in the number of people moving in 2019, house prices and deposits required have still increased and may also be contributing to the slowdown.”
--Ends--
Notes to editors:
Table 1: Number of homebuyers (purchasing with a mortgage) – Scotland |
||||
|
Number of Homemovers |
Annual % change |
Number of First Time Buyers |
Annual % change |
2009 H1 |
11,660 |
-45% |
6,950 |
-45% |
2010 H1 |
13,510 |
16% |
8,440 |
21% |
2011 H1 |
11,810 |
-13% |
7,420 |
-12% |
2012 H1 |
12,860 |
9% |
8,670 |
17% |
2013 H1 |
12,540 |
-2% |
10,090 |
16% |
2014 H1 |
14,140 |
13% |
12,620 |
25% |
2015 H1 |
14,730 |
4% |
12,790 |
1% |
2016 H1 |
14,720 |
0% |
14,000 |
9% |
2017 H1 |
15,440 |
5% |
16,450 |
18% |
2018 H1 |
14,940 |
-3% |
15,320 |
-7% |
2019 H1* |
14,662 |
-2% |
15,033 |
-2% |
Source: UK Finance * Lloyds Bank calculation |
Table 2: Homemovers: Average House Price % Change, 2009-2019** |
|||||||
|
2009 £ |
2014 £ |
2018 £ |
2019 £ |
1 year % change |
5 year % change |
10 year % change |
Scotland |
179,348 |
188,852 |
211,368 |
221,515 |
5% |
17% |
24% |
North |
154,712 |
169,339 |
191,000 |
201,484 |
5% |
19% |
30% |
Yorkshire and the Humber |
163,496 |
177,871 |
218,762 |
234,608 |
7% |
32% |
43% |
North West |
172,403 |
183,593 |
225,621 |
250,139 |
11% |
36% |
45% |
East Midlands |
167,803 |
187,369 |
247,987 |
254,054 |
2% |
36% |
51% |
West Midlands |
183,039 |
210,076 |
260,277 |
280,716 |
8% |
34% |
53% |
East Anglia |
205,941 |
228,175 |
309,035 |
322,695 |
4% |
41% |
57% |
Wales |
164,926 |
177,769 |
212,609 |
221,452 |
4% |
25% |
34% |
South West |
219,874 |
249,014 |
315,248 |
332,330 |
5% |
33% |
51% |
South East |
266,559 |
323,019 |
417,469 |
460,395 |
10% |
43% |
73% |
Greater London |
337,226 |
473,430 |
575,721 |
650,510 |
13% |
37% |
93% |
Northern Ireland |
192,626 |
142,700 |
169,353 |
189,905 |
12% |
33% |
-1% |
UK |
212,099 |
250,021 |
300,593 |
329,648 |
10% |
32% |
55% |
Source: LBG calculations |
|||||||
**12 months rolling to June |
Table 3: Homemovers: Average Price And Deposit By Region, 2019** |
|||||
Region |
Average House Price 2019 (£s) |
Average Deposit 2014 (£s) |
Average Deposit 2019 (£s) |
Deposit as % of purchase price 2019 |
5 Year % Change in Deposit |
Scotland |
221,515 |
58,285 |
70,332 |
32% |
21% |
North |
201,484 |
53,019 |
57,415 |
28% |
8% |
Yorkshire and the Humber |
234,608 |
57,690 |
67,691 |
29% |
17% |
North West |
250,139 |
55,754 |
71,607 |
29% |
28% |
East Midlands |
254,054 |
61,096 |
76,092 |
30% |
25% |
West Midlands |
280,716 |
71,123 |
86,989 |
31% |
22% |
East Anglia |
322,695 |
83,690 |
110,207 |
34% |
32% |
Wales |
221,452 |
57,521 |
67,902 |
31% |
18% |
South West |
332,330 |
95,787 |
117,298 |
35% |
22% |
South East |
460,395 |
116,677 |
150,970 |
33% |
29% |
Greater London |
650,510 |
169,550 |
213,907 |
33% |
26% |
Northern Ireland |
189,905 |
37,386 |
56,763 |
30% |
52% |
UK |
329,648 |
86,398 |
105,260 |
32% |
22% |
Source: LBG calculations |
|||||
**12 months rolling average to June |
Table 4: Average Age of Homemover by Region |
|||||||
|
|||||||
Region |
2009 |
2014 |
2019 |
||||
Scotland |
43 |
40 |
41 |
||||
North |
42 |
42 |
42 |
||||
Yorkshire and the Humber |
40 |
41 |
41 |
||||
North West |
42 |
40 |
40 |
||||
East Midlands |
44 |
41 |
41 |
||||
West Midlands |
41 |
40 |
40 |
||||
East Anglia |
45 |
40 |
39 |
||||
Wales |
42 |
41 |
41 |
||||
South West |
45 |
42 |
40 |
||||
South East |
44 |
40 |
40 |
||||
Greater London |
41 |
38 |
38 |
||||
Northern Ireland |
42 |
40 |
40 |
||||
UK |
43 |
40 |
40 |
||||
Source: LBG calculations |
|||||||
|
Table 5: Homemovers' Purchases by Property Type 2019* |
|||||
|
Home Movers |
||||
|
Semi Detached |
Detached |
Terraced |
Bungalow |
Flats |
Scotland |
21% |
29% |
18% |
13% |
19% |
North |
38% |
26% |
24% |
8% |
4% |
Yorkshire and the Humber |
36% |
27% |
25% |
9% |
3% |
North West |
39% |
26% |
24% |
7% |
4% |
East Midlands |
32% |
40% |
18% |
9% |
2% |
West Midlands |
37% |
33% |
19% |
5% |
5% |
East Anglia |
26% |
38% |
19% |
13% |
3% |
Wales |
29% |
33% |
25% |
11% |
3% |
South West |
27% |
28% |
26% |
10% |
8% |
South East |
27% |
31% |
24% |
10% |
9% |
Greater London |
24% |
8% |
34% |
3% |
31% |
Northern Ireland |
28% |
39% |
15% |
15% |
3% |
UK |
29% |
29% |
23% |
9% |
10% |
Source: LBG calculations * 12 months to June |
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