Numbers of people moving house drops due to shortage of property

According to research carried out by Lloyds Bank, the shortage of suitable property may be responsible for a drop in the number of people moving house in 2016.

The number of movers has fallen for the first time since 2011, with around 354,000 people moving home in 2016, which is 4% lower than a year earlier. However, the figure was still higher than the lowest point in 2009. A decade earlier, in 2006, around 700,000 people traded up or down, which is double the number in 2016.

Experts believe that this may be due to a shortage of suitable properties being available. A report produced by the Royal Institution of Chartered Surveyors, indicates that properties for sale during 2016 were at a record low. The mortgages director for Lloyds Bank, Andrew Mason, said:

“Whilst higher prices will have lifted equity levels for many current owners, the low availability of the right type of homes for those looking to move up the housing ladder may have constrained market activity.”

The shortage of suitable housing has an impact on all the property market, as first time buyers need existing home owners to move up the property ladder. The current shortage of housing is also pushing house prices higher, which is making it much harder for first time buyers to get onto the property ladder.

First time buyers may want to seek advice from a CeMAP qualified mortgage adviser, as they have knowledge of the lenders and their criteria for lending.



Related Posts

CeMAP Course Online pop up
Update cookies preferences