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Second-time buyers struggling to move from starter home


Research from the Post Office has indicated that second-time buyers are experiencing significant barriers that are preventing them from moving from their starter home into a second home.

The Step-Up Report, which involved research on more than 1,000 homeowners, revealed that the average age of a second-time home buyer has now risen to 42. This is up from 35 in 2009.

The costs involved in moving from a first home, as well as negative equity in their current home, are the main reasons buyers are struggling to move on. Negative equity affected over a quarter of the respondents, who had either seen the value of their home fall, or not increase enough to cover the costs of buying the home, and any other maintenance or improvements that had been carried out on the property.

17pc of potential second-time buyers also admitted that they are struggling to find a buyer for their home, while 16pc couldn’t find a suitable property in their price range.

John Wilcock, head of mortgages at the Post Office, commented: “We are often reminded of first-time buyers struggle to get onto the property ladder. However, it’s clear that second-time buyers are finding it difficult too. Stagnant or decreasing property prices in many areas of the country, the high costs involved in moving, and the lack of available properties on the market have meant that too many people are unable to move up the property ladder”.

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