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The average age of a second-time buyer is now 42, reveals Post Office’s Step-Up report.
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.
In the mid-1960s, second-time buyers had to wait just three years before moving on from their first home as 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.
Post courtesy of Financial Reporter.