Buyers sought out more space, peace, and privacy
Detached houses were the most popular type of property among people moving homes in the last 12 months, according to Halifax.
The mortgage lender reported that the proportion of people moving to detached homes grew from 25% to 32% in the last 10 years, as buyers sought out more space, peace, and privacy.
Detached homes were the top choice for movers in the East Midlands (45%), Northern Ireland (42%), and six other regions. The greatest rise in popularity among buyers was in Northern Ireland, where they were up 13 percentage points to 42% of sales.
The Halifax Home Mover Review 2023 also revealed that semi-detached homes accounted for 28% of UK sales in the last year, followed by terraced with 21%, flats with 12%, and bungalows with 7%. Semi-detached homes topped movers’ choices in the North of England, while in London, flats (37%) were the most common property. Semi-detached homes accounted for 28% of UK sales in the last year, followed by terraced with 21%, flats with 12%, and bungalows with 7%.
“The growing popularity of detached homes reflects a desire or need for more space,” Kim Kinnaird, mortgages director at Halifax, commented. “With many businesses continuing to embrace hybrid working, we’ve seen people take the opportunity to find homes that better suit their lifestyles in locations that might not have been practical with a daily commute to consider.
“It is also true that detached homes often come as a later step on the housing ladder for many and, when the opportunity arises, families will choose a home that gives them space to settle and grow over a longer period – a ‘forever home’, which will be a more flexible space for their changing needs and lifestyles.”
Number of home moves plunges
The number of home moves recorded in the first half of 2023 was 112,459 – the lowest number recorded by the Halifax Home Mover Review. This also represents a 30% fall on last year’s number.
The previous low was in the first half of 2020, when only 114,020 home moves were completed due to the market shutdown during the pandemic.
Within the regions, the annual change in home movers is consistently down around 30% with one exception: Northern Ireland, which saw a 65% drop.
First-time buyer numbers also dropped during the period. In the first half of the year, 121,712 first-time mortgages were completed, around a third fewer than the previous year. This is the lowest recorded since the pandemic, but is still close to the long-term 15-year average of 132,191 from 2008 to 2023. First-time buyers now make up 48% of home buyers in the UK, compared to 38% in 2008.
Home movers paying higher prices
Halifax also found that the average price paid by people moving home in the UK was £428,647, up 10% on last year.
The South East saw the highest rise in prices during the last 12 months, with the average home mover in the region paying £591,247, a rise of 12%. By comparison, the North East has seen prices largely flat, up just 1% to £255,223.
The cost of the average UK home movers’ property is now double what it was in 2013, when the average price was at £213,284. Over the same period, homes in nine of the nation’s 12 regions saw prices rise at similar rates, with just Scotland, Wales, and North East seeing price growth at lower levels.
Movers get younger
The average age of a UK home mover is now 39, a year younger than 12 months ago, and two years younger than in 2013.
Movers in London are, on average, the youngest at 38, while those in Northern Ireland are the oldest at 41.
“The fall in the average age of people moving home could have several causes, including more younger movers opting to move to suit their lifestyle and work arrangements,” Kinnaird pointed out. “Alternatively, older movers may be choosing to improve and extend their current homes rather than move, or delaying moves to maximise their equity before downsizing.”
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