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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