Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Cost Pressures Leave a Third of Second-Steppers Feeling Stuck

Barclays Property Insights has found that 34% of people hoping to move to their next home feel unable to do so because moving is too expensive. The research highlights affordability challenges for recent first-time buyers and second-steppers across the UK.

Barclays' data shows that 41% of recent first-time buyers are already considering the cost of moving, with many aiming to keep the value of their next property close to their current home to reduce upfront expenses. However, the average house price for homemovers is 59.9% higher than for first-time buyers, and this gap increased by 1.2% in June.

The report also notes that 22% of second-steppers expect to need financial help from family for their next purchase. Regional differences are apparent, with 37% of Londoners saying moving is too costly, compared to 21% in Wales.

Barclays found that 65% of respondents would not consider relocating more than 10 miles from their current home. The average purchase price for homemovers rose by 1% year-on-year in June, while the average deposit value dropped by 24.8%. This suggests more buyers are relying on larger mortgages, with the proportion of homemovers borrowing at more than 75% loan to value rising from 18.2% to 22.1%.

These findings may be relevant for letting agents and inventory clerks, as affordability pressures and borrowing trends could influence demand for rental properties and the pace of home moves in the UK property market.