An increasing amount of first time property owners, around 40% are planning to move for the second time according to research by Clydesdale and Yorkshire bank. An increase of 14% compared to this time last year. Among some of the reasons cited was they had outgrown their current home or because they wanted to move up the property ladder.
Interestingly those people who live in the North East and North West of England were more likely to consider moving for a second time, 48%, compared to only 29% in the South West. Undoubtedly are reflection of affordability between properties situated in the North and South. However breaking down the figures it reveals that those first time buyers planning on moving again range from 29% in the South West to 48% in the North East, not a great difference.
Other first time property owners said that they couldn’t consider moving property due to affordability, 30% of people stated that this was the main reason for not moving with a further 29% saying that they were worried about finding their dream home, whilst 18% said they were reluctant to take on a larger mortgage.
Steve Fletcher, head of customer banking networks for Clydesdale and Yorkshire Banks said: ‘Second steppers often have more factors to consider than first time buyers. These include having enough room for a growing family or being close to a specific school.’
‘Affordability is the other key factor but the current low interest rate environment means it’s a great time to secure one of our fantastic fixed rate deals,’ he added.
If you are a second stepper and would like some help and advice about moving up into a larger property then why don't you pop into your local branch of Intercounty for a cup of coffee and a chat or call our team on 01279 655248.
Or if you would like to see whether you can afford to move again why not check out the property calculators available on the Intercounty website.