The significant house price growth witnessed in recent months is mainly due to borrowers moving into larger homes and investor activity, shows a new report from Reallymoving.

Data shared by the firm describes the annual change in the average price for an ‘upsizer’ in the second quarter of this year as being 10%, to £418,000 and, for investors over the same time period, 14.9%, to £205,000.

Meanwhile, the annual change in the average house price for a ‘downsizer’ was 5.1%, to £316,000 in the Q2 2021 and, for first-time buyers, 2.5%, to £250,000.

It also shows that the proportion of market share held by FTBs was 56% in 2019. This shifted to 51% in 2020 before increasing to 57% in the first quarter of 2021. By the second quarter it had ticked downward to 55%.

For upsizers, 2019 saw them make up 13% of the market, rising to 16% before settling back down to 13% for both quarters of this year so far recorded. And investors have made up between 5% and 6% of market share across all these time segments.

“One reason FTBs have been able to rebound is that although prices are up, affordability due to competitive mortgage rates remains normal, with mortgage payments costing 31.1% of take-home pay,” explains Reallymoving.

“Rising property prices do make saving for a deposit harder, but as some have managed to save more money during the pandemic, it’s likely to mean the higher deposits required were more easily secured, especially for those that have been able to carry on earning without spending as they normally would.

“It’s so important for hopeful FTBs to focus on the type of property/mover type trends, rather than seeing averages and assuming a move is unachievable,” Really moving adds, pointing out that between 2019 and Q2 2021, the average FTB property rose from costing £224,000 to £250,000.

And regionally, the division in average property prices across all categories is significant. For example, in the North East, a third of properties sold for under £100,000 and 85% sold for less than £250,000.

In Wales, the North West, Scotland, Yorkshire and Humber and Northern Ireland, this figure lies at 70%.

For comparison, in London, the average property price for a FTB runs to £430,000.

Reallymoving chief executive Rob Houghton says: “Our new property price analysis by home mover type shows that despite a seemingly unusual year in the property market, there are plenty of opportunities this year for those who want to move, even after the stamp duty holiday has ended.

“We want everyone to feel that their moving home goals are achievable and not be put off because they were looking at data that was too general.

“Average property price data is not helpful without context, so we have looked at property prices and inflation by location as well as by category of mover.”