Decline in home movers for first time in 5 years

There was a decline in the number of people moving house in Northern Ireland and the rest of the UK last year - the first time the number has fallen in five years.

According to Lloyds Bank approximately 354,000 home owners sold their property and purchased elsewhere in the UK, a 4 per cent fall on the number in 2015. Rising property prices are thought to be the main hurdle to many would-be home movers, with the average cost of a second property in the UK costing £291,777. The concern is the knock-on effect this has for the rest of the property market, and in particular, first time buyers, as home movers are essential to maintain the supply of new houses coming on to the market.

First time buyers in Northern Ireland have the benefit of low rate mortgage deals, fairly stagnant property prices, and the lowest average deposit of the whole of the UK. However, unless more existing property owners get on the move the market supply will dry up, and will almost certainly result in rising house prices.

If you are buying, selling or remortgaging a house in Northern Ireland, contact one of the property conveyancing solicitors at Wilson Nesbitt by clicking here.