Scotland business

Survey suggests slowdown in number of Scots moving home

Flats in Edinburgh Image copyright Getty Images

Fewer Scots moved home in the first half of this year, according to new research.

A Bank of Scotland review found 15,300 people moved house in the first six months of 2018.

That compared with 16,200 over the same period last year.

The bank said market activity may have been "constrained" by the low availability of the "right type" of homes for those looking to move up the housing ladder.

The number of first-time buyers also dropped by nearly 1,000 to 17,200.

The research also suggested that the average price paid by those moving home had grown by 21% over the past five years - from £172,881 in 2013 to £209,496 in 2018.

However, this was still below the UK average - with East Anglia recording the biggest increase of 46% over the same period.

Meanwhile, the average deposit put down in Scotland has increased by 23% over five years - from about £53,200 to £65,350. This was also one of the lowest increases across the UK.

'Market has stagnated'

Bank of Scotland mortgage director Graham Blair said: "Despite an uplift in the number of people moving in 2017, the home-mover market has stagnated in the first half of this year.

"The low availability of the 'right type' of homes for those looking to move up the housing ladder may have constrained market activity.

"And while Scottish home-movers haven't seen price increases quite on par with the rest of the UK, the change in house prices and deposits required have still increased by a significant amount and may also be contributing to the recent slowdown of people moving home."