Deprivation is a major risk to population health, in particular when experienced during childhood. Poor health in the early years accumulates and is expressed in adult health inequalities. Policy makers may aim to mitigate against the ill effects of deprivation by trying to increase social mobility and facilitating moves towards better earnings and living conditions or by protecting against the effects of downward moves and the experience of deprivation. This paper uses address change and property value data at the individual and family level to examine whether poor health outcomes occur more frequently among people who move between addresses and particularly those who move to properties with lower property values. We use the Northern Ireland Longitudinal Study, linking health and demographic data from 2001 and 2011 Censuses to house valuations for a representative 28% of the population aged 10–64 years (N = 342,681). Young persons (aged 10–15 years) living in a house valued at over £160,000 were half as likely to be reported as having mental ill health as those living in a house valued under £75,000 (OR = 0.49, CI: 0.31–0.78). There was no strong evidence that upward or downward mobility affected mental health or physical health for young people, but ill health of working aged persons showed a strong association with moving to houses of lower value. Results are discussed in terms of their implications for understanding the dynamics of social mobility and health and in terms of how various policies towards poverty may influence population health.