There is evidence that the growth of remote working and not being tied to living near our places of work ahs had an impact on home movers. The median distance moved by UK home movers was 16 miles, and increase on the 2019 figure which was 9 miles. In 2023 less than one third (32%) of movers remained within a 5-mile radius of their old home, down from 40% five years ago.
There has also been a significant shift in people moving out of London with 38% of people moving from a London address left the region altogether. The data has been shared by home moving comparison website reallymoving.com who have revealed their top 10 home moving trends for 2023
1. The busiest day of the year to move home was Friday 30th June 2023, when 1.6% of all the year’s home moves took place. The second busiest day for movers was Friday 1st September, followed by Thursday 31st August. Friday was the most popular day to move throughout the year, allowing time for unpacking over the weekend.
2. The median distance moved by UK home movers was 16 miles – up from 9 miles five years ago (2019), indicating that people are willing to move further afield as ties to traditional workplaces become weaker. This year, less than one third (32%) moved within a 5-mile radius of their old home, down from 40% five years ago. On average, movers paid £699 for removals in 2023, while First Time Buyers paid £420.
3. During 2023, London saw the highest volume of outward migration out of all the UK regions, which could be attributed to the cost of living and growing budgetary pressures arising from sustained higher interest rates this year, as well as a rise in home working. Overall, 38% of people moving from a London address left the region altogether.
4. The South East region benefited from the highest share of inward migration over the course of 2023. Out of all the home movers who moved to a new region of the country, nearly a quarter (24%) chose the South East. The second most popular region was the East of England (16%), followed by the South West (14%).
5. First Time Buyers accounted for 54% of all home purchases this year, despite the challenges they faced raising deposits whilst grappling with the higher cost of living and record rents. They paid £277,049 on average for their first home and 8.7% bought through a Shared Ownership scheme.
6. Keen to reduce their bills and shore up their finances, downsizers accounted for 31% of all buyer activity in 2023, the highest proportion since 2015. They were most active in the South West region where they accounted for nearly half (48%) of all home moves this year.
7. On average, downsizers released £137,000 of equity by moving to a cheaper property – rising to £180,000 in London. Three quarters of downsizers (76%) moved within the same geographical region, highlighting the importance of staying close to family, friends and networks.
8. The cost of an extra bedroom was most affordable for movers upsizing from a 2-bed to a 3-bedroom property, who had to find an additional £30,239 on average. Those moving from a 1-bed to a 2-bed room property paid an extra £68,847, whilst the jump from a 3-bed to a 4-bed cost £81,193.
9. Higher mortgage rates prompted more homebuyers to fund their purchase entirely with cash this year. The proportion of cash buyers rose by 8% annually, accounting for 24.4% of all purchases in 2023, compared with 22.6% in 2022.
10. Home movers this year paid significantly less in Stamp Duty than they have in the past. Based on the median purchase price of £380,000, the typical Stamp Duty bill in England was £6,500 (excluding First Time Buyers). This was down by 26% from £8,750 in 2022. The median First Time Buyer purchase price of £237,000 fell within the nil band, meaning no Stamp Duty was payable.
Commenting on the trends Rob Houghton, founder and CEO of reallymoving, said
“Downsizers have been the driving force in the property market during 2023, as the cost of living and energy bills in particular prompted people living in larger homes to reduce their outgoings by moving to a smaller home that’s cheaper to run.
“Despite the multiple challenges they face, First Time Buyers are still making up a significant proportion of home mover activity. Record high rents and an increase in the supply of starter homes as landlords sell up, has encouraged those who have been able to raise a deposit, many with the help of the Bank of Mum and Dad, to get onto the ladder. Many more will be waiting in the wings for further price falls.
“The impact of the switch towards home working is still being felt across the market, as buyers move further afield to find a suitable property within their budget. With London reporting the highest outward migration of any UK region, it’s clear that post-pandemic property market trends are continuing to play out.”
