26 Jan

First-time buyers staying put

First-time buyers staying put

Many first-time buyers are having to stay longer in their first home because of the cost of moving up the property ladder, according to a new survey.

Research from Clydesdale and Yorkshire Banks shows that 37 per cent of first-time buyers are having to stay put even though there has been a rise in incomes.

This rose to 49 per cent in London but fell to 23 per cent in the East of England partly due to the differences in property prices and wages in the regions.

"The step between the first and second property remains a challenge for some and increasing moving costs are also adding to the difficulty of raising a sufficient deposit to afford a larger home," explained Steve Fletcher, director of retail banking.

According to the survey, the average first-time buyers plan to stay in their first home for seven years and nine months - although again there is regional differences, with those in London hoping to upgrade within six years and three months and North East-based buyers hoping to stay still for close to 11 years.ADNFCR-1222-ID-801810928-ADNFCR

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