reallymoving.com 2016 review of the year
25 January 2017
By Rob Houghton
2016 was a slightly more turbulent year for first time buyers compared to that of 2015. The numbers below are based on the 220,000 movers who used reallymoving.com to get quotes for conveyancing, surveys or removals in 2016 and comparing it with the 1.5 million movers that have used our site in previous years.
A year in review
The average price paid by first time buyers (£204,000) was 72% of that paid by other buyers (£284,000), down from 75% in 2015.
The proportion of buyers that were First Time Buyers rose from 43% in 2015 to 52% in 2016.
FTB prices rose on slightly (1%) compared to non-FTB prices (6%).
29% of movers were down-sizing (buying a home for less than the one they're selling), in comparison to 31% in 2015.
77% of buyers were taking out a mortgage – there has been no change to this since 2013 when the figure was 78% of buyers.
The average distance moved was barely any different to 2015 at 52 miles, down from 55 miles in 2014.
In 2016, 81.2% of people said we saved them either time or stress and/or money across all services at reallymoving.com.
For conveyancing alone, 80% of people said we saved them either time or stress and/or money, whilst 83% said the same about their surveying.
79.8% of people said reallymoving.com saved them either time or stress and/or money on their house removals, with our services helping each user save an average of £243.
Our conveyancing services helped each user save an average of £333 compared to other conveyancing services and on average, users also saved £170 on surveying services.
Rob Houghton, CEO of reallymoving.com, said:
2016 was a significant year for the home moving sector. The Brexit vote in June had an immediate impact on both transaction volumes and property prices, both of which fell around 10% in the month after the result was announced.
Since then, however, worries about Brexit seem to have been forgotten with both prices and volumes picking up again. Although London was hardest hit by Brexit, it seems to have recovered to be even stronger than the rest of the UK, perhaps buoyed by the additional demand from overseas following the drop in the value of sterling.
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Hannah, 09 April 2017