Prospective second time buyer are now likely to wait 14 years before moving on from their first home.
According to the Post Office’s Step-Up report second-time buyers now wait 15 years longer than in the 60s to move up the property ladder.
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.
The report revealed that 60% of prospective second-time buyers would be encouraged to move if house prices were to fall. 45% would be swayed if they found their dream home.
John Willcock, Head of Mortgages, 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.
“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.”
