The first half of the year saw the number of people moving home increase year-on-year by 132% to 265,070 in the first half of 2021, according to the latest Halifax Homemover Review.
There were an additional 151,040 transactions in the first six months of this year, in contrast to the same period in 2020, where 114,030 home moves took place.
In the 12 months to June 2021, 461,010 home moves took place, up by more than 50% on the previous 12 months. The total number of moves in the last year is almost 100,000 more than at any point in the last 10 years.
This leap in property transactions comes after several years of flat or falling numbers and brought the annual total to the highest it’s been since 2007, when it hit 716,6502.
First-time buyers also returned to the market during the first half of the year, with 210,900 transactions, an increase of 74% on the same six months last year. Those getting their first foot on the housing ladder accounted for nearly half (44%) of all sales in the period.
Andrew Asaam, mortgages director at Halifax, said: “The rate and scale of the growth of the homemover market is quite remarkable. After several years of flat transaction numbers then a marked fall at the start of the pandemic, we’re now at a level not seen since 2007.
“There are many factors that have driven this activity, perhaps the biggest of which is the ‘race for space’ amongst those planning to work from home in the long term. The timing of some these moves will also have been influenced by people wanting to benefit from the Stamp Duty holiday.
“It is important to recognise the boom in sales was not limited to movers. There were more first-time buyers in the first six months of this this year, than in the first half of any of the last 10 years. Those getting on to the housing ladder accounted for almost half of all mortgage-backed purchases, which is in line with the long-term average.”