According to research from Post Office’s Step-Up report, 28% of second-time buyers are unable to progress on the property ladder due to negative equity.
Costs involved in moving have also meant nearly one in three (30%) of all prospective second-time buyers are having difficulty in climbing the property ladder. House hunters looking for their second home estimate they need an average of £7,279 to cover costs such as stamp duty and solicitor’s fees alone.
As a result some second-time buyers still need a helping hand to raise the money to move. One in 12 (eight per cent) of second-time buyers are relying on their parents or other family members for financial help, and a further 11 per cent are turning to their partner. Seven per cent are hoping an inheritance will help bolster their home-buying funds, while six per cent have even been forced to take an additional job to get some extra cash to fund their move.
Second-time buyers are also struggling to move because they can’t shift their first property, with just under one in five (17 per cent) stating they can’t find a buyer for their home. Meanwhile, 16 per just can’t find a property they want to buy.
Hardened house hunters are using their past house-buying experience in order to make sure they don’t repeat the same mistakes. A third (33 per cent) of second-time buyers said they would research a new area more thoroughly before they committed to buying. Almost three in 10 (31 per cent) admit they would save more money in order to cover incidental costs which they did not previously anticipate.