More people moved house last year than have in the last seven years, according to the latest Lloyds Bank Homeowners Review. In total an estimated 365,400 people moved house in 2014, up 8% on 2013. This is good news for the housing market and demonstrates the growing levels of confidence.
Lloyds report that house prices also rose 8% in 2014. This is good news for people previously in negative equity and it also makes it easier for people to make their next move up the property ladder. As Andy Hulme, Lloyds Bank mortgages director, said:
The resulting higher levels of equity in their property are providing homeowners with more funds to finance the purchase of their next home.
The number of people who moved house has grown by 16% since the bottom of the housing depression in 2009. Even though the number who moved house has increased over the last few years, it is still way below the record set in 2004 (886,700) and just above the average between 2004 and 2007 (717,025).
Lloyds predict that house prices will continue to rise in 2015 allowing those people who bought properties at the peak of the housing boom to move back into positive equity. This should all help to keep the housing market moving and allow people to continue to climb the property ladder. The expectation is the 2015 results will show more people moved house yet again.
Whilst that is all positive, there remains a regional pricing divide for those trying to get on the second rung of the housing ladder. In the South East house house prices have risen by 33% in the last 5 years and London has seen 50% growth, vice price changes of 16% and 14% in the North and in Wales respectively.
The report provides an indication of how busy the housing market is again becoming, as well as all the associated businesses, such as estate agents, solicitors and, of course, removal companies. Therefore anyone looking to move home should plan well ahead and book the services of their preferred agents and house removals firms as early as possible. The earlier you contact your removal company the sooner they can begin to help you manage your move, even if you haven’t got a moving date.
Were you one of the lucky ones that moved house in 2014? If so we’d love to know what your 3 top tips are for moving house. We’ll collate the results and pass them on to future house movers.