A report from the Halifax shows that the number of home moves that took place during the opening six months of 2021 were more than twice that of the same period in 2020, and the figure was the highest in 14 years.
These figures come from the Halifax Homemover Review, and they show that by June, home move numbers had hit 461,010. This is a record number and represents an increase of 52% on the total at the same point in 2020, as well as the highest total for a single year since 2007, which produced a figure of 716,650.
It marks a major rise in the volume of these transactions following a long period when the total number of them has either gone down or stayed at the same level. Looking at the 12-month spell up to June 2021, the total number was 100,000 higher than that of any period during the past 10 years.
There was also a significant increase in first-time homebuyer numbers during the initial six months of 2021. These hit 210,900, which marks a rise of 74% in comparison to the same period of last year. First-time homebuyers made up two-fifths of property sales in that six-month spell.
Speaking to Mortgage Solutions, Andrew Asaam from Halifax said:
“There are many factors that have driven this activity, perhaps the biggest of which is the ‘race for space’ amongst those planning to work from home in the long term.”
Advisors with a CeMAP qualification will likely want to take advantage of this activity.