Record low for moving home

Friday, 11 February 2011 03:49

The number of people moving home dropped to a record low during the recession.

This is according to the Office for National Statistics (ONS), which says only nine per cent of English households had moved home within the past 12 months in the period 2008/09.

Since records began in 1994-95, this is the lowest figure.

Property sales over £40,000 in the UK also saw a sharp drop, dipping by some 44 per between 2007 and 2008.

Northern Ireland was worst affected, with such sales tumbling by 61 per cent.

Meanwhile, the average price per UK dwelling dwindled 8.1 per cent between 2008 and 2009.

Repossessions increased to six times their 2004 levels in 2009, hitting 47,900.

"In the recent recession we have seen a large rise in repossessions, but not to the same extent as in the previous recession of the 1990s," says editor of the ONS's Social Trends Jen Beaumont.

She adds that this could be due to lower unemployment rates and interest.

The Halifax House Price Index recently showed that property prices are to remain relatively flat over the course of this year.

Use the Myfinaces.co.uk comparison site to find the best deal on a new mortgage
 

• Tags:
• house
,
• house prices
,
• moving home
,
• news