People are staying in their homes for longer, likely due to the higher costs of moving and reduced house price gains. This was down from 8% in 2016 and 16% in 2006, when house prices increased faster. Higher mortgage rates have also impacted mobility in the housing market, adding to legal, estate agency and removal costs. Further, suppressed house price growth means homeowners are making smaller gains and with less equity for their next purchase. Around 32% of homes bought for £1m or more were found to be worth less than their purchase price, compared to 7.5% of homes purchased for less than £1m.