Almost 350,000 people moved up the housing ladder in 2013 as rising house prices have given homemovers a higher level of deposit for their next property according to the latest Lloyds Bank Homemovers Review.

There were an estimated 337,500 homemovers in 2013, a 3% rise, with the average deposit put down by a homemover was £76,398, a 6% rise on 2012. Homemovers in London put down the largest average deposit (£144,505), which equated to 34% of the average property value.

Marc Page, Lloyds Bank mortgages director, commented: “As house prices have increased over the last 12 months, we’re seeing more people look to take the next step on the housing ladder. Higher levels of equity are increasing the average deposits, with this figure now at over £75,000, and this, in turn, is giving homemovers more options.

“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 homemovers to increase in 2014.”

The average deposit of £76,398 equates to 33% of the average price paid by homemovers for their next property, and the average mortgage advance for a new homemover is £154,150; 41% higher than a decade ago (£109,496).

Since 2008 the average price paid by a homemover has grown by 5% from £220,587 to £230,549 in 2013. Nationally, homemover property prices grew by 12% in the past year.