Those currently living in their first home took their first step onto the property ladder at the age of 28, but expect to wait a further 14 years before climbing onto the second rung (42 years old). In contrast, those who have already made this leap and are currently second time property owners did so at the age of 34 – a head start of eight years.
The Post Office’s Step-Up report also reveals that in the mid-1960s, second-time buyers had to wait just three years before moving on from their first home. Back then the average age of a first-time buyer between 1965 and 1969 was 25, moving onto their second home at the age of 28.
However, in recent years, this gap has climbed to nine years; the average age of a first-time buyer between 2010 and 2013 was 30, moving onto their second home at the age of 39. Prospective second-time buyers would be encouraged to move if house prices were to fall (60 per cent), and just under half (45 per cent) would be swayed if they found their dream home.
Two in five (41 per cent) could be charmed into moving by competitive mortgage rates, while a quarter (25 per cent) would be led by their relationship and consider moving up if they had plans to get married or start a family.
Stuck in the starter home
Seasoned house hunters are using their past house-buying experience in order to make sure they don’t repeat the same mistakes, according to the survey. A third of second-time buyers said they would research a new area more thoroughly before they committed to buying, while 31 per cent admit they would save more money in order to cover incidental costs which they did not previously anticipate.
John Willcock, Head of Mortgages at
Post Office: “Taking that all-important step onto the housing ladder sometimes seems like the biggest hurdle a homebuyer will face. However, we can see that it doesn’t get any easier as people try to move up the property ladder and second-time buyers can face their own set of challenges.
"Second time buyers now expect to wait until they are in their 40s before moving on from their starter home, perhaps having to put on hold placing their roots or building a family home for years to come.
- See the table that shows the average age of first and second-time buyers from 1960-2013.
- The Post Office surveyed 1,024 people for the Step-Up report.
- Mortgage calculator.
