Home Residential Property The number of Londoners moving is falling

The number of Londoners moving is falling

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22nd Feb 17 1:25 pm

Why are figures falling?

A new report by The Council of Mortgage Lenders (CML) found that the number of homeowners moving house in London dropped to its lowest level for 25 years.

CML said home-movers in London took out just 32,400 loans in 2016.

This is 10 per cent fewer than 2015 and also the lowest number since the recession of 1991.

As well as this the number of first-time buyers needing a loan also fell, they took out 43,300 mortgages, this is a drop of five per cent on 2015s figure.

The CML also stated that the total number of home buyers in London in 2016 was the lowest in four years.

CML’s director general, Paul Smee, said: “Persisting supply and affordability issues appear to be exerting an ongoing restraint on growth, meaning there is some uncertainty around how the market will perform going into 2017,”

The average home-mover in London during 2016 borrowed £335,000.

According to the Office for National Statistics (ONS), the average house price in London currently sits at £484,000.

Figures do not showcase those who paid in cash for their home.

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