First-time buyers overtake homemovers

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 homemovers 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 homemovers – 51% vs 49% – Lloyds said. The cost of moving home is putting pressure on homemovers, 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. According to the data, Northern Ireland and the north of England are the only regions where the number of homemovers increased during the last 12 months, by 7% and 1% respectively.

The Daily Telegraph (18/01/2019)