First-time buyers overtake home movers

First-time buyers are now dominating Britain’s housing market, as the level of current homeowners moving house fell the most in seven years, according to Lloyds Bank.

It found that the number of home movers fell by 4% last year from 2017, while the number of first-time buyers increased by 3%. It is the first year since 1995 that people buying their first home account for more of the market than home movers, at 51% and 49% respectively.

The cost of moving home is putting pressure on home movers, said Andrew Mason of Lloyds Bank, with an average deposit now at just below £100,000, while stamp duty cuts and the Help to Buy scheme are helping out new buyers.

The Daily Telegraph via The Letter of the Law

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