8 Aug

Second-time buyers are getting older

Second-time buyers are getting older

There are a number of different factors that can tempt owners of property towards an estate agent to make their second purchase and move up the ladder, including things like better prices, more affordable mortgages and finding their dream home.

However, despite this, many are still anticipating living in their first home for far longer than their parents and grandparents.

At the moment, the average second timer expects to move up the ladder 14 years after getting their first home, taking the average age to 42.

This compares to those currently in a second home, who would have waited just nine years and purchased at 39, and those in the 60s, who would have waited only three years to move to a second home at the age of 28.

John Willcock, head of mortgages at Post Office, said: "Taking that all-important step onto the housing ladder sometimes seems like the biggest hurdle a homebuyer will face. 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."ADNFCR-1222-ID-801622784-ADNFCR

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