The typical Brit only lives in their first home for four and a half years and one in four has no emotional attachment to the building, according to a new study by Santander.
Despite what we are told about at home that it is heart, it seems, because many, the usability of emotion when it comes to buying your first property.
The mortgage provider’s investigation found that one in the four first buyers (FTBs) saw their first home as a purely step stone and did not get too entangled in the question of whether it felt good.
Indeed, this is clear in the fact that sacrifices on space and location Were the reason that 37% and 18% of the respondents continue after an average of four and a half years.
This average lifespan of a first house is comparable to eight years for a second or third house. And it is no wonder, because Santander discovered that more than half of the first buyers (51%) bought a studio flat or a home with one or two bedrooms, to secure a first foot on the real estate ladder.
This was despite the fact that 18% of the first buyers who, according to Santander’s own data, had at least one dependent in 2024.
Homeowners also reported that one of the reasons that they moved through their first home so quickly was due to the location, in which data from Santander demonstrated a lack of suitable property and affordable restrictions, pushed two thirds (67%) of the first time buyers to buy in a neighborhood they had never seen before.
As a result, homeowners accelerated their drive to become buyers of the next time, because of the desire for a larger house (37%), a more desired location (18%), the proximity of family (18%) and wanted a garden (14%).
David Morris, head of Huizen in Santander UK, said: “Although many of us may feel sentimental about the day we received our first set keys, the new wave of more smart first owners seems to be increasingly pragmatic about their first home purchase.
“Given the always present affordability challenges that are confronted with today, many find that the only way Go on the housing ladder Can be compromised about space or location.
“As soon as that first foot is safe, their pragmatism is bearing fruit, because many think they can continue quickly to a home that is better suited for their long -term needs.
“Checking whether you can transfer your mortgage product and get a grip on the costs of moving the ladder, are the key to those buyers who are already looking a step forward.”