The number of homeowners moving to a new property has soared to its highest since the financial crisis as rising house prices have helped them towards the purchase of a new home.
In the UK overall, second-stepper homes were also more affordable than five years ago, although this is not true for London and the South East, according to calculations by Lloyds Bank.
In the first half of the year, some 174,700 homeowners moved house – a 9 per cent increase compared with last year and the highest level since 2008.
Andrew Mason, Lloyds Bank mortgage product director, said higher house prices have boosted the amount of cash home movers have in their property, which in turn has helped towards the purchase of the next home.
He said: ‘This improvement is likely to have provided uplift to housing demand amongst existing home owners even though wage growth has not kept pace during this period.’
House prices have been rising steadily over the past years, although in recent months growth has eased, in part as a result of an increase in stamp duty and potentially as a result of Brexit.
In the past year alone, the average price paid for a home by a home mover has increased by 9 per cent, or £24,056, to £285,606.
Despite rising prices, housing affordability for second steppers has improved, with home movers having to find 6.5 times their earnings to move up the ladder, compared with the 7.3 times their earnings in 2011, Lloyds said.
However, second steppers in London and the South East are finding it less affordable to move as prices in those areas have grown faster compared to the rest of the country in recent years.
In London, someone trying to climb onto the second rung of the property ladder needs to find around 10.9 times their earnings, up from 9.7 times their wages five years ago.
In the South East, a second stepper typically needs to find 9.4 times their wages, up from a multiple of 8.7 in 2011.
By contrast, a second stepper in Northern Ireland needs to find 4.9 times their wages typically, down from 6.2 in 2011.
In Scotland, the affordability ration has fallen to 5.6 times from 6.6 times five years ago, while in Wales a second stepper needs 6.2 times their wages, down from seven times their wages in 2011.
Putting a deposit together is usually one of the biggest hurdles for home buyers.
In London, second steppers have to put down on average £192,133 in deposit – typically the highest in the country.
But movers in Northern Ireland put down the smallest deposits on average, at £42,310.
The average UK deposit for second homes is just shy of £100,000 at £95,385, having increased by almost a third over the past five years.
Lloyds used house price figures from its banking group’s database to make the findings, as well as average earnings data from the Office for National Statistics and figures from the Council of Mortgage Lenders.