FIRST-TIME buyers expect to spend around 14 years in their “starter” home before they can move up the property ladder.
People currently living in their first home typically bought it at the age of 28 – but they expect to be 42 when they buy their next property, the Post Office found. By contrast, first-time buyers in the late 1960s were aged around 25 when they took their first step on the property ladder and were just three years older, at 28, when they bought their second, the report said.
Many aspiring second-time buyers will have bought their first home close to the height of the property boom, meaning some have been stuck with little or no equity in their home.
But house prices have been showing signs of being back on an upward march recently, with Halifax reporting the fastest annual house price increase in almost three years yesterday.
Source: Herald Scotland