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South East sees highest number of home movers in 2017
- AuthorJohn Blake
Here in the South East figures show our region saw the highest number of home movers in 2017; a sure sign the property market is continuing to grow.
Research conducted by Lloyds Bank has shown that 370,300 people moved home in 2017; its highest level since 2007 when 653,700 people were on the move. “This is a vast improvement on 2016 where the figure fell for the first time in five years,” explains John Blake, Senior Residential Conveyancer. “This was not at all surprising as we had some levels of uncertainty due to the referendum vote, and while these figures are not near those we were enjoying in 2007, before the recession, they are extremely encouraging showing the market continues to thrive.”
The South East region saw 65,400 people move last year; ahead of the South West, which saw 27,500 people move. “Low mortgage rates, rising house prices and high employment levels have been cited as reasons to explain the increase in the number of home movers,” continues John. “As house prices rise, home owners also see their equity levels increase which in turn opens doors for them in terms of moving along the ladder, whether that be downsizing or looking for a larger home.”
John concludes, “There are also so many options open to potential home owners, and we have seen first time buyers also boost this number over the last 12 months. Not only are there different choices for them when it comes to saving money for a deposit, such as through Help to Buy ISA’s, but they can also enjoy schemes such as shared ownership to help them take that first step onto the property ladder.”
If you are looking to move home, or you are a first time buyer, you can contact John or the Residential Conveyancing team by emailing firstname.lastname@example.org.
This is for information purposes only and is no substitute for, and should not be interpreted as, legal advice. All content was correct at the time of publishing and we cannot be held responsible for any changes that may invalidate this article.