Number of people moving home falls for first time since 2011

The number of people moving home fell in 2016 for the first time in five years, according to new research from Lloyds Bank.

It found 354,000 people moved last year, down 4% on 2015 - the first annual decline since 2011.

The fall was blamed on limited availability of suitable homes for those looking to move up the housing ladder.

Lloyds Bank's Homemover Review tracked conditions for those who already own a home.

It used Lloyds Banking Group's own data together with figures from the Council of Mortgage Lenders, the Office for National Statistics and the Bank of England.

The study showed the number of home movers had grown by 12% since the lowest point of the downturn in 2009 when it fell to 315,000.

However it is still 50% below the level of 712,000 seen a decade ago.

The report also showed the average price paid by home movers had risen by 7% in 2016 to £291,777.

Lloyds Bank mortgages director Andrew Mason said the fall in home movers last year came despite "favourable economic conditions" such as low mortgage rates, high employment levels and rising pay growth.

He said: "Whilst higher prices will have lifted equity levels for many current owners, the low availability of the 'right type' of homes for those looking to move up the housing ladder may have constrained market activity.

"Of course, higher prices may explain why more home movers are opting for longer mortgage terms.

"The ability of home movers, particularly those in their first homes, to move on is an important component in the housing market as it increases the supply of properties, providing homes for new first-time buyers."