The number of people moving home in Scotland was at its highest level for nine years in 2017 with low mortgage rates encouraging people to move, new research suggests.
The number of home movers, current owners moving house, across Scotland increased by 8% to 25,500 in the past year, according to the latest Bank of Scotland Home Mover Review.
The report says that this increase could be a result of continued low mortgage rates and high demand for homes, enabling home movers to make their next step on the housing ladder.
Since hitting a market low of 20,100 in 2009, the number of home movers in Scotland has grown by 27% or 5,400. However, the current number is still just under half the pre-crisis level of 49,500 in 2007.
‘The number of home movers is at a nine year high but these current figures are still well below levels seen in 2008. Continued low mortgage rates, rising house prices and high employment levels no doubt have had a positive impact in recent times,’ said Graham Blair, Bank of Scotland mortgage director.
‘The Scottish housing market hasn’t quite seen the same increases in average house prices and deposits seen across the rest of the UK. However, an increase of 23% in both house prices and deposits for home movers in the last five years has still had a huge impact on those looking to move home,’ he added.
Home mover prices and deposits increased to record levels, but are still below the UK average. Over the past five years, the average price paid by home movers has grown by 23% from £167,243 in 2012, to £205,989 in 2017. In percentage terms, this is the lowest increase in the UK.
The average deposit put down by a Scottish home mover has also increased by 23% in the past five years from £52,307 in 2012 to £64,486 in 2017. This is also the lowest increase in percentage terms across the UK. Londoners require the largest deposit of £196,535 towards the purchase of their next home.
