House price rises boost home mover funds

Homeowners that have been moving home over the last 12 months have seen a boost in the equity of their existing property.

Research from Lloyds Bank has revealed that the average deposit for current homeowners moving up the property ladder was £76,398 in 2013. A 6% increase on the previous year. This is one third of the average price paid by home movers buying their second home. The research also revealed that the number of homeowners moving increased in 2013 by 3% when compared to 2012.

Marc Page, Lloyds Bank Mortgages Director, commented: "This year we'll see Help to Buy enable more homeowners to progress to the next rung of the ladder, and as a result we would again expect the number of home movers to increase in 2014."