Second steppers sacrifice major life decisions as they struggle to save for their ‘dream home’

Almost nine in ten (86 per cent) 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 building society’s poll.

The top barriers to moving home by potential second time buyers include finding a home within budget (38 per cent), finding a home in the right location (25 per cent), having a large enough deposit (18 per cent), not being able to cover moving costs (15 per cent) and being in negative equity (8 per cent).

One in five (21 per cent) 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 per cent).

The survey of more than 1,000 Brits living in their first home found that the average cost of the next property is £370,539, which leaves many buyers still finding themselves in need of a financial helping hand to move. As well as one in seven (14 per cent) having to borrow money from family to support a move, eight in ten (85 per cent) would have to make some sort of sacrifice to be able to move up the housing ladder.

Around a quarter would need to change their career or job (27 per cent) or increase working hours (26 per cent). Just under a fifth would need to make significant changes to lifestyle (19 per cent), while the same proportion would need to delay plans for starting a family (19 per cent) and 16 per cent would put on hold any plans to get married.

When asked what they would be willing to give up to move up the housing ladder, more than half (55 per cent) said they would forego nights out, followed by eating out (48 per cent) and holidays or weekends away (33 per cent). One in seven (14 per cent) said they would even give up a spouse or partner if it meant they could move up the property ladder, although men (22 per cent) were more likely to choose this option than women (7 per cent).

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 per cent), followed by a garage (29 per cent), a driveway (22 per cent), and ideal schools (20 per cent). By contrast, the size of the bathroom (11 per cent) the size of the kitchen (11 per cent) and the number of bedrooms (13 per cent) were the least likely items to be struck off the wish list. Just under nine in ten (88 per cent) also said they would consider buying a property that needed renovating if it was significantly cheaper to buy.

Despite the struggles experienced by potential second time movers, one in five (21 per cent) of those surveyed said they weren’t willing to forgo anything at all on the next property they bought.

More than half (55 per cent) want their next home to be detached, and more than a quarter (26 per cent) want it to be their forever home (26 per cent). Just over a third (35 per cent) said they were holding out for their dream home.

Of those surveyed, eight in ten (80 per cent) said they could be convinced to stay in their current home if they could make some changes, including an extension (37 per cent), a kitchen or bathroom renovation (29 per cent), more land (27 per cent), better neighbours (15 per cent) or better schools nearby (9 per cent).

Henry Jordan, Nationwide’s director of mortgages, said: “There is a great deal of focus on the difficulties facing first time buyers trying to get onto the property ladder but, as the research shows, second time buyers are facing a variety of difficult challenges of their own. Many are having to make compromises in terms of size or location of their new home, or make spending cutbacks and personal sacrifices to move and avoid becoming stuck in a property that isn’t appropriate for their changing needs.

“Nationwide is committed to supporting those looking for options to move home and take a step up the housing ladder.”