There were around 149,000 mortgages for home movers in the first six months of this year – 2% fewer than for the first half of 2012.
In contrast, the number of first-time buyer mortgages rose by 19%.
In the first half 2007, the number of home mover mortgages was over double at 327,600.
According to Lloyds TSB, a number of ‘second steppers’ simply cannot afford to move. The average home mover deposit this year is £70,540, plus average moving costs of £9,000.
Nitesh Patel, housing economist at Lloyds TSB, said: “There are many potential second steppers who are still in their first home which they bought in the run-up to, and at, the peak in house prices in 2007.
“Many of these home owners may still be unable to move due to having either very low, or negative, equity in their homes.
“The lack of equity for many home owners in their existing home largely explains why the number of home movers in the first six months of 2013 was broadly unchanged compared with a year earlier.”