Research by home moving website reallymoving.com has revealed a range of trends in moving habits over the course of the previous year.
The study looked at ten trends, uncovering a range of information including the fact that people are moving further away when they sell and the areas of the country where the largest percentage of people are buying.
We take a look at the figures.
1. The busiest moving day
The busiest day for moving house in 2023 was Friday 30th June. It is often the last Friday in August. Fridays are traditionally popular as they give home movers the weekend to finish moving in. Drawbacks include banks being busier and therefore slower to transfer money, meaning completion can take place late in the day, and less availability for removals.
2. Homebuyers moving further
In 2022, homebuyers moved a median distance of 14 miles. By 2023, this had increased to 15 miles. This is a substantial increase since 2019, when the figure was 9 miles. The most recent data showed that only 32% of movers were still within five miles of their old home after moving. This is a drop from 40% in 2019.
3. Favoured locations for home buyers
The areas with the highest level of property purchases in 2023 were Birmingham (3%), South East London (2.6%), Manchester (2.4%), Sheffield (2.1%) and South West London (2.1%).
4. Increase in first-time buyers
In the last half of 2023, the number of first-time buyers increased by 1% compared to the same six months in 2022. Out of all of the purchases in 2023, 54% were made by first-time buyers.
5. First-time buyer choices
Surprisingly, only 87% of first-time buyers took out a mortgage to buy their home. Just over 12% of first-time buyers chose a new build.
6. Average house price stays the same
The average house price for 2023 across England and Wales was £323,717, almost identical to 2022’s figure of £323,887.
7. Home movers buying more expensive properties
The average prices for those selling and buying at the same time showed that most are choosing to move somewhere more expensive. The average sale price was £371,259 and the average purchase price was £422,995.
8. Fewer first-time buyers needing to pay Stamp Duty
In 2022, 33% of first-time buyers had to pay Stamp Duty. In 2023, this fell to 14%, meaning most first-time buyers don’t need worry about this substantial tax.
9. Total buying and selling costs fell
The combined costs of selling and buying simultaneously fell by a substantial 12% in 2023.
10. Slight change in the cost of legal fees
The total cost of legal fees for home movers who bought and sold at the same time fell 1.7% from 2021-22 when taking into account both expenses and disbursements. The costs for first-time buyers rose slightly, by 2.1%.
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