Property prices up 70% in past decade: Lloyds

27-1-2020

Average house prices increased by 70 per cent between 2009 and 2019, according to Lloyds Bank.

The average property price in 2009 was £196,386, increasing to £330,984 in 2019, data collected by the bank shows.

However, the number of people moving home across the UK has risen by 13 per cent over the same time frame.

Looking to the capital, average house prices have increased by 103 per cent over the last decade, rising from £315,707 to £641,118. Correlating with this, the number of London home-movers has fallen by 25 per cent in the last five years.

The amount needed by a home-mover for a deposit is also up, having risen by 40 per cent since 2009.

Northern Ireland noted the greatest increase in the number of home-movers over the last decade, increasing by 47 per cent, while average property prices only rose by 15 per cent.

The South East recorded a 1 per cent rise in the number of people moving home. In relation to this, the average property price grew by 85 per cent between 2009 and 2019.

Andrew Mason, Mortgage Director, Lloyds Bank, said: “We have only seen a small increase in the number of people moving home over the last decade, with rising house prices likely to be the main reason for the slowdown.

“With the average deposit being put down remaining relatively steady, it has become more difficult for people to move up the ladder. “There are still areas that offer promising opportunity for home movers. However, it is clear that the main challenge of raising sizeable deposits is not limited to first-time buyers.”  

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