{"id":10318,"date":"2018-01-23T10:15:43","date_gmt":"2018-01-23T10:15:43","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=10318"},"modified":"2018-01-23T10:15:43","modified_gmt":"2018-01-23T10:15:43","slug":"home-mover-deposits-now-exceed-100k-uk-for-first-time","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/2018\/01\/23\/home-mover-deposits-now-exceed-100k-uk-for-first-time\/","title":{"rendered":"Home mover deposits now exceed \u00a3100,000 in UK for first time"},"content":{"rendered":"

House prices went up by an average of 2.7% last year in the UK, meaning many existing homeowners have had an equity boost enabling them to climb further up the property ladder.<\/strong><\/p>\n

The average deposit stumped up by homeowners<\/a> who are moving house has exceeded \u00a3100,000 for the first time, while the amount spent on a new home for someone who is selling their existing one has gone up by around \u00a36,000 since 2016, bringing it to an average of \u00a3297,000.<\/p>\n

And the number of people moving house<\/a> – from one they already own – is at a 10-year high, with more than 370,300 UK households moving in 2017, according to the latest research from Lloyds Bank, despite reports that transaction levels have flattened out in recent months.<\/p>\n

With low mortgage rates<\/a>, high demand and increasing house prices<\/a>, more people who already own properties are able to proceed to the next rung of the housing ladder. Increased employment levels have also boosted people’s buying confidence and ability, according to Lloyds.<\/p>\n

What’s in store?<\/h4>\n

Andrew Mason, Lloyds Bank mortgage products director, said: “House price increases will have boosted equity levels for many homeowners, enabling movement along the housing ladder.<\/p>\n

“Taking advantage of increased equity levels by putting down a bigger deposit can really make a big difference towards what home movers can afford. It can be the difference between a good home and the right home.”<\/p>\n

Over the past five years, the average house deposit has risen by 45%, while the average house price for home movers has increased by 44% over the same period. Regionally, the north of England<\/a> has seen the lowest increase in deposit values of 30% over the past five years, to just under \u00a358,000, compared to Greater London’s<\/a> 62% rise to almost \u00a3200,000.<\/p>\n

Halifax found that despite UK house prices falling by an average 0.6% last month, the year ahead should see an overall growth in property values.<\/p>\n

Russell Galley, managing director, Halifax Community Bank, said: “Nationally, house prices in 2018 are likely to be supported by the ongoing shortage of properties for sale, low levels of housebuilding<\/a>, high employment and a continuation of low interest rates making mortgage servicing affordable in relative terms. Overall we expect annual price growth to continue in the range of 0-3 per cent\u00a0at the end 2018.”<\/p>\n","protected":false},"excerpt":{"rendered":"

House prices went up by an average of 2.7% last year in the UK, meaning many existing homeowners have had an equity boost enabling them to climb further up the property ladder. The average deposit stumped up by homeowners who are moving house has exceeded \u00a3100,000 for the first time, while the amount spent on… Read more »<\/a><\/p>\n","protected":false},"author":1069,"featured_media":10343,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[341,174],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/10318"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=10318"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/10318\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/10343"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=10318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=10318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=10318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}