The number of people moving home in the first half of 2016 was significantly higher than in the same period last year. New figures from the Lloyds Bank Homemover Review show 174,000 people moved into a new property between January and June, a rise of nine per cent on the corresponding six months in 2015 and almost 50 per cent more than the 2007 low. Such an increase was reported despite some experts claiming the property market was affected by Brexit uncertainty in the second quarter.
Kevin Shaw, national sales director at property specialist Leaders, says: “The latest results mark a nine-year high for the property market, with a huge number of people keen to get on with moving up the ladder.
“While some industry observers predicted Brexit would have a negative impact on the market, the reality has proven to be quite the opposite. Even after the referendum result, we witnessed an upturn in the number of sales instructions and the amount of viewings being requested by prospective buyers.
“Several key factors have combined to create favourable conditions for sellers and buyers right now, including record low mortgage rates, effective support schemes for first-time buyers and the stamp duty changes announced in December 2014.”
The rise in the number of home movers has coincided with a period of sustained growth in house prices, with the Lloyds study revealing the average price paid by buyers grew by 38 per cent - from £206,997 to £261,504 - between 2011 and June 2016.
Kevin adds: “House prices continue to rise at a steady rate, making it a great time to sell. Indeed, many people may be unaware of just how much their home is now worth.
“Rising prices have boosted equity levels for thousands of homeowners across the UK, making it easier for them to take the next step up the property ladder.”
For more information on selling or buying a property, please contact your local Leaders branch or visit leaders.co.uk.