March 2013
Featured in this insight: Financial services
Market research reveals difficulty of buying bigger second home in Britain: A survey by property search website Rightmove has discovered that one in fourteen Britons are having to delay starting a family because they are finding it hard to relocate to a second home that is big enough to accommodate children.
Around 7% of respondents who are keen to take their second step on the property ladder said they have been forced to put their baby plans on hold because their current home is too cramped, while two in five (40%) are concerned that their home is too small for their current family.
Meanwhile, the study also found that the average age people can now afford to buy their second home stands at approximately 41 years of age.
The survey also discovered that three in 10 (29%) respondents who are looking to buy a home in 2013 will be “second steppers”, which is a 3% increase on similar research that was undertaken three months ago.
Some 11% of second steppers plan to sell their home for a loss on what they originally paid for it, which reveals the urgent need of many Britons to move to somewhere bigger.
To further complicate matters, six out of ten regions in Britain are described by Rightmove as sales “blackspots” for the second stepper sector, because the proportion of first-time buyers in those locations is less than 20%.
The current “blackspots” are Scotland, East Anglia, the East Midlands, the South West, the Humber, Wales and Yorkshire. London is the only region in fact where the first-time buyer sector stands at a "healthy" level of more than 40%.
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