Second-time buyers are stuck in their present homes because market conditions are making it impossible to move

According to research carried out by property website Rightmove, aspiring second-time buyers now represent 29% of all purchases but are being squeezed by current market conditions with 11% reporting that their current home is worth less than they paid for it.

These homeowners are also unable to move up the property ladder due to the dearth of first-timers looking to purchase these types of homes, Rightmove reported that a fifth of potential sellers said there weren’t enough interested buyers in their area.

Two-in-five people looking to buy a home for the second time say their current home is too small for their family while 7% are reluctant to start a family because of a lack of space.

However, there could be good news on the horizon as a separate report by Connells has showed that activity among first-time buyers reached its highest level in four years during February.

The valuation firm found that the number of first-timer buyer valuations was 13% higher than at the same point a year before. It added that remortgaging had seen an even bigger boost, rising 44% compared with 12 months ago.

Comments are closed.