First-time buyers stay put until they're 40
The average age of a home-mover trading up to a new property has risen to 40, as many younger people remain trapped in their first houses or flats.
Figures from Lloyds TSB also showed that home-mover mortgages were down by 2% in the first half of 2013 during a period when the number of those climbing onto the housing ladder for the first time rose by a fifth compared to last year. They said that while government initiatives such as the Help to Buy scheme have given new first-time buyer numbers a boost, many young families are still struggling to move up into bigger properties years after they acquired their first starter homes.
Richard Copus, spokesman for the National Association of Estate Agents in the South West, described the move from a first to a second home as a "big leap up".
"Wages levels in Devon and Cornwall are low so people are deciding to wait until their children are teenagers before they make the move up the housing ladder," he said.
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The report showed that the average age of a home-mover had risen from 37 in 2002 to 40 today, with the majority of the increase since 2007 when prices crashed. It said that while affordability had improved slightly for so-called "second steppers" – those looking to trade up from their first properties were still stuck with low or negative equity in their homes.