The average mortgage borrower lives in their first home for 14 years with high house prices proving the key barrier, new Post Office research shows.
In its Step-Up report, published today, it reveals the average age of a second-time buyer is now 42, compared to 28 for first-time buyers.
In 1960 the average age of a first-time buyer was 24 and the average person moved within a year but the gap between first and second home purchases has grown over the decades.
The gap has varied over the years and was just five years between 2000 and 2005 before shooting up to nine years between 2010 to 2013 and 14 years today.
Six in 10 prospective second-time buyers would be encouraged to move if house prices fell while just under half would be swayed if they found their dream home.
Two in five could be nudged into moving by competitive mortgage rates, while 25 per cent would be led by their relationship and consider moving up if they had plans to get married or start a family.
Post Office head of mortgages John Willcock says: “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.
|Year||Average age of a first-time buyer||Average age of a second-time buyer|
|Source: Post Office|