Unbiased has estimated that 2.5 million homeowners are living in their current home for longer than they had originally planned to.
The latest survey revealed that one in four (24%) homeowners are stuck in their current property for longer than they planned due to not being able to sell at the price they want.
Just under a quarter (22%) of those who are living in their current home longer than originally planned are doing so because they cannot afford the mortgage repayments on their next home.
A smaller percentage, (14%), of homeowners state they are unable to afford their next home’s deposit as the reason for not moving up the property ladder.
Karen Barrett, chief executive of Unbiased, said the recent property market volatility has had major implications on homeowners’ plans to move up the property ladder.
She added: “Many have relied on their home either as an investment for the future or to help them to move onto the next rung of the housing ladder. However, millions have now realised that their plans have been put on hold by the current state of the property market, and they now have to remain in their current house for longer than they had originally planned.”
Barrett said that the ability to access an affordable mortgage for a next property is a vital part of the house buying process.
She explained: “With stricter lending criteria and larger deposits needed in the current environment home buyers should ensure they seek professional advice when it comes to financing their property. It is important that those looking to move get the best advice possible, and only a whole of market mortgage adviser has access to the full range of deals on the market.”
