10 statistics that tell the story of 2020 for UK home movers.
08 January 2021
By Jeremy Greer
We’ve looked back on what moving home was like in 2020 – who was moving, where and when – and you might find our statistics surprising...
2020 was certainly a year that took many of us by surprise. With the COVID-19 pandemic and Brexit negotiations coming to a close, the UK housing market has been through its ups and downs.
The first lockdown saw major restrictions on the market, with removals being postponed. In the summer, the Chancellor announced a Stamp Duty holiday, leading to a surge in demand and therefore in house prices. When we hit a second lockdown in October, home moves were able to go ahead, meaning growth continued to be strong through to the end of the year.
910,000 quotes were generated for reallymoving customers in 2020, for conveyancing solicitors, surveyors and removals firms. Using data from all these quotes we discovered the following 10 facts:
For a more detailed insight into all these findings, you can have a look at our press release
1.The busiest day of the year for moving home is usually the last Friday in August. In 2020 it was Friday 18th December.
2. The median distance moved by homebuyers in 2020 was 10 miles, an increase of 1 mile from the 2019 average
3.The top 5 locations where the most properties were bought in 2020 were: London (17%), Leeds (1.7%), Birmingham (1.65), Bristol (1.6%) and Leicester (1.3%).
4.Between July-December 2020, the proportion of First Time Buyers fell by 12% compared to the same period in 2019. Over the year, First Time Buyers made up 51% of all buyers int the market.
5. While 16% of First Time Buyers opted for a new build home over an older property, almost half of those (46%) used a Help to Buy Loan.
6. The average house price in England and Wales increased from 293,819 in January 2020 to £352,239 in December 2020
7. Home movers (those buying and selling at the same time) sold their homes for an average price of £313,149 and bought for an average price of £379,191.
8.The proportion of First Time Buyers in England liable to pay stamp duty fell from 25% to just 5%
9.The cost of moving home (buying and selling at the same time) plummeted by 39% in 2020, making it the cheapest time to move in decades.
10. Those buying and selling a home typically paid £1,682 in legal fees (+15%) post-stamp duty holiday, including expenses and disbursements, while First Time Buyers paid £1,100 on average (+11%)
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Soontobewelsh. on 03/08/2020