One in five homeowners prioritise dream home over family
A survey carried out by the Nationwide Building Society has found that one in five of those who responded and were looking to move, were prioritising the purchase of a dream home over marriage and having children.
People wanting to trade-up from their first home were considering various sacrifices to make that goal possible. These included a change of job or career, or increasing their working hours so they could afford to make the move.
With regards to family, 16 per cent said they had put plans to marry on hold, while 19 per cent said they were delaying having children in order to help fund a second-time purchase.
The report went on to reveal that 90 per cent thought it was harder to trade up now than it was ten years ago. Further findings included:
· 18 per cent still in their first home were struggling to find the deposit to move
· 15 per cent were unable to meet the cost of moving
· Eight per cent could not trade up due to being in negative equity.
Returning to the subject of relationships, 14 per cent said they would leave a partner if it enabled them to move up the property ladder. Twenty-two per cent of the men who completed the survey selected this option, in contrast to just seven per cent of women.
Commenting on the survey, a spokesperson for the Nationwide Building Society said: “There is a great deal of focus on the difficulties facing first-time buyers trying to get on to the property ladder but, as the research shows, second-time buyers are facing a variety of difficult challenges of their own.”