First time home buyers in the UK are having more trouble selling their first home in order to upgrade to one with more space and a garden. Even though their properties have risen in value they still feel like it is not a good time to sell. Around a third of these “second steppers” have said they will stay put and fix up their current home. Even the ones considering moving to a new property are having trouble finding the right home. The average equity has risen in the past year and this gives the home owners a good sum of money to put into the new home. The slow down in sales of these first homes could make it hard for other first time home buyers as there would be less homes available at the low price they can afford.
Key Takeaways:
- almost 40% of second-steppers are delaying their purchases, a percentage which is signficantly increased over 2010
- Equity in their homes has increased, yet they are delaying their purchases
- They want to upgrade from flats to homes with gardens
“Growing numbers of home owners planning to take their second step on the property ladder think it is getting harder to make the jump, a report has found.”