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Sharp Rise in Number of Scots Moving Home

There has been a sharp rise in the number of people moving home in Scotland, according to new research by Bank of Scotland. 

The study found 25,500 current homeowners moved house in 2017, an increase of 8% compared to the previous year. This is apparently the highest number of homemovers since 2008.

Bank of Scotland says the increase could be a result of continued low mortgage rates and high demand for homes, enabling homemovers to make their next step on the housing ladder.

Since hitting a market low of 20,100 in 2009, the number of homemovers in Scotland has grown by 27% (or 5,400). However, the current number is still just under half the pre-crisis level of 49,500 in 2007.

Over the past five years, the average price paid by homemovers has grown by 23% from £167,243 in 2012, to £205,989 in 2017. In percentage terms, this is the lowest increase in the UK. Unsurprisingly, Greater London has seen the biggest increase of 59% over the last five years, with average house prices jumping from £357,114 to £586,816.

The average deposit put down by a Scottish homemover has also increased by 23% in the past five years, from £52,307 in 2012 to £64,486 in 2017. This is also the lowest increase in percentage terms across the UK. Londoners require the largest deposit of £196,535 towards the purchase of their next home.

“The Scottish housing market hasn’t quite seen the same increases in average house prices and deposits seen across the rest of the UK,” said Graham Blair, Bank of Scotland mortgage director. “However, an increase of 23% in both house prices and deposits for homemovers in the last five years has still had a huge impact on those looking to move home.”

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