People are in limbo and putting their lives on hold as they struggle to save towards their ‘dream home’, new research reveals.
Almost nine in ten people living in their first home think it is harder now than a decade ago to make the jump to their second home, according to the Nationwide Building Society poll. The top barriers to moving home by potential second time buyers include finding a home within budget (38%), finding a home in the right location (25%), having a large enough deposit (18%), not being able to cover moving costs (15%) and being in negative equity (8%). One in five (21%) said they have found themselves stuck in a house that is too small for their family or in an area they don’t like due to housing affordability (16%).
The survey of more than 1,000 people in the UK living in their first home found that the average cost of the next property is over £370k, which leaves many buyers still finding themselves in need of a financial helping hand to move. When asked what they would be willing to give up to move up the housing ladder, more than half (55%) said they would forego nights out, followed by eating out (48%) and then holidays or weekends away (33%).
Shockingly, one in seven people even said they would even give up a spouse or partner if it meant they could move up the property ladder, although men (22%) were more likely to choose this option than women (7%)!!
The poll reveals that when it comes to compromising on the next property, a conservatory would be the first item second time buyers would be willing to forgo (35%), then a garage (29%), a driveway (22%), and ideal schools (20%). By contrast, the size of the bathroom (11%) the size of the kitchen (11%) and the number of bedrooms (13%) were the least likely items to be struck off the wish list. Just under nine in ten (88%) also said they would think about buying a property that needed renovating if it was significantly cheaper to buy.
Despite the difficulties experienced by potential second time home movers, one in five (21%) of those surveyed said they weren’t willing to forgo anything at all on the next property they bought. More than half (55%) want their next home to be detached, and more than a quarter (26%) want it to be their forever home (26%). Just over a third (35%) said they would wait until they found their dream home.
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