The average age of second-time buyers is now 42

First-home owners can expect to wait 14 years before they can afford to move up the property ladder, according to research by the Post Office. The average first home owner will have to wait until they are 42 before they can afford to buy their second home, a huge rise from age 28 in the mid-1960s.

The research also showed those currently living in their first home bought their property at age 28, but expect to have to wait 14 years before they can afford to move up the ladder.

Between 1965 and 1969, second-time buyers had to wait just three years before moving into their second home. The average age of first-time buyers was 25, while the average age of second-time buyers was 28.

In recent years this gap has climbed to nine years; the average age of first-time buyers between 2010 and 2013 was 30 and people moved into their second home at an average age of 39.

One barrier for potential buyers is rising house prices. Figures from Halifax show prices rose 4.6pc between April and July, while Nationwide has warned there is a shortage of properties on the market. 

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