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Age of second-time buyers reaches all-time high

house2The average age that homeowners move up the property ladder and into their second home has reached an all-time high.

According to research by the Post Office the average age of a second-time buyer is now 42-years-old, as the rising cost of living keeps people in the same property for longer.

Former first time buyers currently still in their first property bought moved in at an average age of 28, meaning they are waiting 14 years before climbing to the second rung.

This is in stark contrast to the 1960s, when first time buyers were aged 25 on average and waited just three years before moving into their next home.

Today’s second-time buyer age is also a significant increase on just a few years ago. Those who are currently living in their second home bought it when they were an average of 34-years-old, a difference of eight years.

“Taking that all-important step onto the housing ladder sometimes seems like the biggest hurdle a homebuyer will face,” said John Willcock, Head of Mortgages at Post Office.

“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.”

The research also looked at the barriers to moving up the property ladder, with 60% of potential second-time buyers saying they’d be encouraged to move if house prices were to drop.

“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,” added Mr Willcock.

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Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074