The number of homeowners moving house is at the highest level in 10 years, according to analysis by Lloyds Bank, despite warnings that the level of transactions has slumped.
Lloyds found that the number of homeowners getting a mortgage for a new home increased by 2%, up from 361,300 in 2016 to an estimated 370,300 last year.
This particular part of the market has been stimulated by continued low mortgage rates and higher demand for homes.
The estimated total number of mortgages last year was also the highest since 2007, at 729,300. This is up 4.1% from 700,800 in 2016, and 18% higher than the low in 2009, but far below the peak 10 years ago at 1.0138m.
Andrew Mason of Lloyds Bank, said: “We’ve seen a slight increase in the number of homemovers following a weak 2016. This could be down to low mortgage rates, rising house prices and high employment levels.
“House price increases will have boosted equity levels for many homeowners, enabling movement along the housing ladder. For the first time, home movers are choosing to pay an average deposit of over £100,000, with Londoners putting down nearly double this.”
“Taking advantage of increased equity levels by putting down a bigger deposit can really make a big difference towards what home movers can afford and can be the difference between a good home and the right home.”
The capital was the only area of the UK where there was a decline in the amount of mortgages secured by homemovers – down 6% last year as the market slowed due to a crunch on affordability and a slump in transactions.